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.

Opposition parties have criticised the new UK-India trade deal, saying it could undercut British businesses. One aspect of the free trade agreement, which Labour says will be worth £5bn a year to the UK, is extending an exemption on national insurance contributions (Nics) from one to three years.

India and the UK agreed to a landmark trade deal slashing tariffs on cosmetics, vehicles, alcoholic beverages and other goods, as both sides look for wins to offset the disruption of President Donald Trump’s protectionist policies.