India and Britain struck a “landmark” trade deal Tuesday, the UK government said, marking progress on lowering and removing tariffs just as President Donald Trump is busy raising US import taxes to historic levels.

President Trump and Treasury Secretary Scott Bessent have both said numerous trade agreements could come as soon as this week.

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.