Get the latest market trends in your inbox
Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul
Tampa-St. Petersburg news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg
Preparing for the G-20 Summit in Hamburg (Christian Charisius/AP)
The EU and Japan will announce the framework of a new trade deal timed to a G-20 meeting Friday in Hamburg, a thumb in the nose of President Donald Trump, who has systematically rejected the system of trade agreements that have governed the global economy for decades, per the New York Times.
The interim agreement, to be announced Thursday, would, among other things, make it easier for European carmakers to sell their vehicles in Japan, and visa versa. Donald Tusk, president of the European Council, demonstrably rebuked the loud anti-free trade rhetoric of the Trump administration, tweeting, "EU-Japan Summit on Thursday. Ambitious free and fair trade deal in the making."
Why it matters: The EU-Japanese deal suggests a move to isolate the Trump administration, whose language and actions — among them, his abandonment of the Trans-Pacific Partnership in Asia and rebuke of NAFTA — have created grave worries about the trading system that has underpinned the largely peaceful economic growth of the post-World War II decades.