The two countries signed a deal three years after negotiations began to strengthen alliances in what the British prime minister called a “new era” of trade.

That alone makes the trade deal agreed between India and Britain on May 6th significant—perhaps even a “landmark”, as Britain’s prime minister and his opposite number, Narendra Modi, claimed. The deal will add a useful boost to trade between the world’s fifth- and sixth-largest economies.

It means a big boost for key UK exports such as whisky and cars which will see very high tariffs or taxes on imports slashed. This is not a normal deal taking two way trade down to zero tariffs. India is a highly protectionist economy.

Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet Chinese officials, but expectations for a breakthrough in their trade war are low.

U.S. stock futures point to a higher open on news China and the U.S. will begin trade talks later this week in Switzerland.

US and Chinese officials are set to start talks this week to try to deescalate a trade war between the world's two biggest economies. Chinese Vice Premier He Lifeng will attend the talks in Switzerland from 9 to 12 May,