– The US Trump administration’s flagship International Emergency Economic Powers Act (IEEPA) tariffs are aimed in part at reducing the merchandise trade deficit, which fell by 19.8% year over year in November 2025. At the same time, widening exemptions from tariffs in food cut the average tariff rate to 9.8% from 11.0% in October. There are signs, particularly in consumer goods, that reshoring is getting underway as a result of tariffs.
– A framework US-India trade deal has been announced with lower tariffs and new purchase commitments, but its implementation faces s...