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Peru's units are known for one thing: either near-to-absolute offensive power at the cost of armour, or immense defensive strength with little or no attack. Its early infantry lines, the Inti infantry, have high armour but a lack of attack strength, and so while not hard-hitting, are nonetheless hardy enough to be used as a meat shield for Peru's other infantry unit - the Inti archers, and the native American matchlock cacique. These units are known for one trait - they have extensive LOS, with respect to other units (save Portugal's) and thus work well either as a skirmisher screen, or to support the weaker Inti clubmen from behind.
Of all these units, ironically it is its Libertador units, the Junín Cavalry Regiment and the Libertador line, which have no armour, but in turn have an intense attack that will easily fell all but the most powerful units. These units however will serve well nonetheless if used properly. The heavy infantry line will do well against a wide array of targets, but are still fairly weak for their pricetag, while the Cavalry Regiments are best meant for charging and not sustained combat. this should not pose too great a problem as Peru receives refunds whenever its units are destroyed in combat.
Due to your lack of cavalry in the beginning of the game, you will need to play defensively until the Mercantile Era. Use your immensely strong Inca infantry line to bear out the blows of your opponents' cavalry, while you use your missile infantry to wreak havoc on your opponents' heavy infantry along with your pikemen. Upon hitting the Mercantile Era, you will now have access to roughly the same units as the Europeans, allowing you the use of offensive tactics in the field. Don't worry too greatly about losing any of your Inca infantry, as they would need many blows to die and you would still get to collect their life insurance premiums. Keep up the pressure from the Mercantile Era. Should you need it, in the Mechanisation Era, Peru also enjoys the use of ironclads, which are armoured bombardment ships which sacrifice payload for firing speed and movement speed. Coupled with the ferocious attack of your Colorado infantry and the Junin cavalry, no shore can be safe.