Mumbai, Aug. 29 -- Reserve Bank of India (RBI) stated in its latest monthly update that in July, the global macroeconomic environment was largely shaped by trade tariff announcements and the continuing uncertainties on US import tariffs rates relating to some major economies and sectors. While the EU, South Korea and Japan have entered into trade deals with the US, steeper tariffs were levied on Brazil, Canada, India and Switzerland in August. Global uncertainty remained elevated in July on account of US tariff related uncertainty and geo- political tensions. The economic and trade policy uncertainty indices in the US have retreated from their all-time high levels in April, but the pace of decline has moderated somewhat.
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