A freight train with an Indian flag on the front carrying cargo containers rides along a railway track in Ajmer, India.

Photograph: Getty Images

Feb 10th 2026|3 min read

In recent weeks President Donald Trump has struck trade deals with Argentina and India. Both countries have obtained partial relief from tariffs by making it easier for American firms to sell goods to their citizens in return. The backlash was swift. Indian farmers’ unions branded the deal a “total surrender”; an opposition politician warned that India risked becoming “a dumping ground”. Such charges have become familiar. France’s former prime minister described the EU’s deal with America as an act of “submission”.

Signage for Mizuho Bank Ltd., a unit of Mizuho Financial Group Inc. (MHFG), at one of the bank's branches in Tokyo, Japan.

Who wrangled the best trade deal from Donald Trump?