Jul 17, 2018

Europe and Japan agree to a major new trade deal

Japanese Prime Minister Shinzo Abe, European Commission President Jean-Claude Juncker and European Council President Donald Tusk at a joint press conference on the trade deal. Photo: Koji Sasahara/AFP/Getty Images

The European Union and Japan on Tuesday signed a major trade deal eliminating most tariffs, reports the AP.

Why it matters: The agreement was primarily reached late last year, the AP notes. But the outcome is far different than President Trump’s combative approach and dealings in recent months with America’s closest allies by slapping tariffs on various imported goods. The deal slashed about 99% percent of the tariffs on Japanese goods sold to the EU, and 94% of the tariffs on European exports to Japan.

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