Two of the emerging-market giants hardest hit by U.S. President Donald Trump’s trade wars are deepening their ties in response, betting that a united front will help them endure the U.S. broadsides and find new markets to skirt tariffs.
Government officials and business executives from Brazil and India are converging this week in New Delhi, seeking to forge new relationships and triple the countries’ $12 billion trade partnership as economists warn that Trump’s policies could shave about one percentage point from the countries’ economic growth. The Brazilian delegation is likely to discuss potential partnerships with Indian business leaders in areas including agribusiness, biofuels and defense.
The burgeoning partnership between Brazilian President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi is among the clearest examples of the global realignments taking place as the White House tears up decades-old partnerships and practices of commerce. That reboot in American diplomacy has also pushed New Delhi to thaw relations with China, and gave impetus to the South American bloc Mercosur and the European Union to ink a long-elusive trade deal.
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