India, EU Reach Sweeping Trade Deal

India and the European Union have reached a free trade agreement aimed at deepening economic and strategic ties between two of the world's largest markets. This agreement will bring major opportunities for the people of India and Europe, Indian Prime Minister Narendra Modi said in a virtual address to an energy conference on Tuesday. According to EU officials, during a transition period of five to ten years, India plans to reduce duties on cars from 110% to as little as 10% and eliminate tariffs on Europeans' machinery, chemicals and pharmaceuticals. The current 150% tariff on premium wines is also expected to fall to 20%. However, New Delhi excluded certain agricultural products from the agreement. U.S. Treasury Secretary Scott Besant publicly expressed concern about the deal, saying it could enable Europe to fund parts of the Russia-Ukraine war indirectly by routing energy trade through India. They, and just to be clear again, the Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves, he told ABC News on Monday.