“The global order is in great turmoil today,” Indian PM Narendra Modi said, calling the deal the “biggest free trade deal in history.”
“In such a context, the partnership between India and the EU will strengthen stability in the international system,” Modi added.
“So every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people,” Bessent said.
He also touched on other important economic issues in Asia, including trade tensions with South Korea and recent volatility in Japan’s currency.
Trump announced on Monday that he would be raising tariffs on South Korea over its failure to enact a trade deal struck last year.
Media coverage on the India-EU deal indicates that “all eyes are on Trump’s reaction”; however, he has remained publicly silent thus far.
Reports suggest that he and the White House are unlikely to be pleased, viewing it as part of broader global shifts challenging US influence.
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US says EU is trade dependent
US Trade Representative Jamieson Greer has stated that India “comes out on top” in the deal, gaining more market access into Europe, low-cost labour advantages, and potentially additional immigration/mobility rights.
Greer predicted India would “have a heyday” with the agreement. He contrasted this with US efforts to address “problems with globalisation” and noted the EU was “doubling down on globalisation.”
“So the EU is turning to India to try to find a place. The EU is so trade dependent, they need other outlets if they can’t keep sending all their stuff to the United States,” he added.
He also linked it to Trump’s tariff pressures pushing countries to seek alternative markets, while urging India to address US concerns over Russian oil purchases for potential tariff relief in ongoing US-India talks.