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EU-India Deal Reshapes Global Trade
- The EU-India deal links nearly 2 billion consumers and offers India major tariff cuts on European goods like cars and machinery.
- Countries are diversifying trade partners to hedge against an unpredictable U.S. and strengthen global supply chains.
Major Tariff Cuts Open Markets
- India will slash tariffs on European cars and goods, with car tariffs targeted to fall from 110% to about 10% over time.
- The cuts are among the biggest India has offered and could open significant markets for European automakers.
Partners Hedge Against U.S. Unpredictability
- Many U.S. trading partners are seeking alternatives like China, the UK, and Gulf states to reduce dependence on the U.S.
- This trend reflects hedging amid U.S. policy unpredictability and the appeal of large markets like China.