India will cut tariffs on European Union car imports to 40% from levels as high as 110%, Reuters reported. Prime Minister Narendra Modi’s government has agreed to immediately lower duties on select vehicles priced above EUR 15,000, with rates set to fall further to 10% over time, easing entry for automakers like Volkswagen, Mercedes-Benz and BMW. The move comes as India and the EU prepare to announce the conclusion of long-running free trade negotiations on Tuesday, with officials calling it “the mother of all deals.” Once finalized and ratified, the agreement is expected to expand bilateral trade and boost Indian exports of goods such as textiles and jewellery, which have faced 50% U.S. tariffs since late August.
Today Markets
