EU, Japan sign landmark trade deal to eliminate almost all tariffs

EU, Japan sign landmark trade deal to eliminate almost all tariffs

The "landmark" EU-Japan deal creates a massive economic zone and stands in stark contrast to US President Donald Trump's "America First" protectionism.

Commission head Jean-Claude Juncker added: 'Together we are making - by signing this agreement - a statement about free and fair trade, we are showing that we are stronger and better off when we work together.

Brussels and Tokyo's agreement will eliminate almost all tariffs, attempting to allay fears set off by the US President's protectionist crackdown on global trade.

Both sides are heralding the deal, which covers a third of the global economy and more than 600 million people.

"Political uncertainty, tariffs, aggressive rhetoric, unpredictability, irresponsibility, they are the real risks for our businesses, not trade deals", he said.

"This is an act of enormous strategic importance for the rules-based global order, at a time when some are questioning this order", Tusk said.

The EU-Japan deal will send a "strong signal to the world" against United States protectionism, EU Trade Commissioner Cecilia Malmstrom said recently.

The pact - which both Japan and the European Union aim to have come into force by early next year - will abolish or reduce tariffs on industrial products and agricultural items between the two sides and sets rules on investment, which is expected to help enhance opportunities for further two-way trade and investment. "Whoever says we are foes is spreading fake news".

The EU and Japan aim to have the agreement come into force before the United Kingdom leaves the EU next March.

Both sides also signed a strategic partnership agreement, a framework aimed at strengthening bilateral cooperation on a broad range of bilateral and multilateral issues, including security, cybercrime and climate change.

Trump says he is taking a hard line on trade to protect US workers and USA companies, but critics say his approach is upending the rules of multilateral global trade. The EPA has raised Japan-EU relations to a new height, he said.

The prime minister expressed the readiness of Japan and the European Union toward an early implementation of the pact and also welcomed the launch of a ministerial-level industrial, trade and economic dialogue, with the initial round of talks expected to take place by the end of the year. Japanese will get cheaper cheeses, such as Parmesan, gouda and cheddar, as well as chocolate and biscuits.

However, Japan's dairy industry is expected to lose market share to European products once tariffs of up to 40 percent on some cheese imports start falling. It will eliminate tariffs on Japan's mainstay products of automobiles in the eighth year and TVs in the sixth year following the pact's implementation.

Trump also stirred controversy during his transatlantic trip last week by fiercely criticizing British Prime Minister Theresa May's handling of her country's exit from the European Union, complaining that she did not listen to his advice.

But both parties have decided not to include a controversial scheme to settle investment disputes and will continue negotiations over the matter.

Abe had been scheduled to sign the deal in Brussels last week, but cancelled his trip after devastating floods that killed more than 220 people.

"It's a light in the increasing darkness of global politics", Tusk said.

Besides the latest deal with the EU, Japan is working on other trade agreements, including a far-reaching trans-Pacific deal.

Related News:

  • Blood Pressure Medication That May Contain Cancer-Causing Impurity Is Recalled

    Blood Pressure Medication That May Contain Cancer-Causing Impurity Is Recalled

    PDT: This piece was updated to include information about Teva Pharmaceuticals USA's recall of valsartan medication . If the information is not on the bottle, patients should contact the pharmacy that dispensed the medicine.
    Hollow Knight’s free Gods & Glory DLC arrives on August 23

    Hollow Knight’s free Gods & Glory DLC arrives on August 23

    Gods & Glory is the game's biggest content update yet, with tonnes of new bosses, new music , new NPCs, new quests, and more. Hollow Knight: Gods & Glory looks to be focused on being able to refight bosses and take on characters previously unfought.
    Fortnite Update Adds New Submachine Gun To Battle Royale

    Fortnite Update Adds New Submachine Gun To Battle Royale

    Level up with your friends and lead the world's remaining Heroes in the fight to save humanity and take back the world. Elsewhere, the Semi-Auto Sniper Rifle has been buffed slightly, with damage increased to 75/78 (from 63/66).
  • OSU cuts ties with Papa John’s Pizza

    OSU cuts ties with Papa John’s Pizza

    They tried to extort us and we held firm and they took what I said and they ran to Forbes , and Forbes printed it". He told a local station in Louisville on Friday that he was goaded into using the slur during the conference call.

    Brexit campaigns referred to police for breaking spending limits

    The commission found that another group, BeLeave , spent its money under a common plan with Vote Leave which was not reported. The results are not expected to have any major impact on the Brexit trajectory as it stands.
    Kings reportedly nearing deal to acquire Ben McLemore, Deyonta Davis

    Kings reportedly nearing deal to acquire Ben McLemore, Deyonta Davis

    Temple averaged a career-high 8.4 points for the Kings last season, and should immediately bolster Memphis' depth at the forward spot.
  • 2018 iPhones' front panels surface, impressively thin bezels all around

    2018 iPhones' front panels surface, impressively thin bezels all around

    A photo which allegedly shows the front glass panels for all three rumored new iPhones has been leaked on Twitter by Ben Geskin. Unfortunately for those with a tighter budget, the cheaper 6.1-inch iPhone could have a thicker border around its edges.

    Trump and First Lady wind down United Kingdom visit

    The first lady wore a pale pink two-piece ensemble with her hair pulled back for the occasion; the queen was in a blue coat. Trump follows in the footsteps of previous Presidents to visit Windsor Castle, including Ronald Reagan in 1982, George W.
    British woman impaled by beach umbrella

    British woman impaled by beach umbrella

    Police said they did not know exactly how the incident happened and there were no updates on Ms Reynolds' condition. Police say a woman was impaled by a beach umbrella at the Jersey shore on July 16, 2018.
  • Nick Cannon Responds After Azealia Banks Accuses ‘Wild’n Out’ Of Mistreating Her

    Nick Cannon Responds After Azealia Banks Accuses ‘Wild’n Out’ Of Mistreating Her

    I've never felt so much hate and rage for anyone else than I did in that moment. Banks says the production "planned this" and she was invited "on short notice".
    MGM sues Las Vegas massacre victims in hopes of limiting liability

    MGM sues Las Vegas massacre victims in hopes of limiting liability

    Las Vegas police commanders say Paddock shot festival goers from the windows he broke out of his 32nd-floor suite at the Mandalay. The massacre occurred on the night of October 1 during a country music festival on the Las Vegas strip.
    Massive diamond cache may be hidden 100 miles below Earth’s surface

    Massive diamond cache may be hidden 100 miles below Earth’s surface

    The researchers estimate that the roots may have 1-2% diamond, meaning that about a quadrillion tons of diamond are buried there. This shows that diamond is not perhaps this exotic mineral, but on the [geological] scale of things, it's relatively common.


Most liked

Uber being investigated over gender discrimination
In June, Bozoma Saint John - the chief brand officer hired as part of Uber's turnaround effort - left after just one year. Dara Khosrowshahi, who took over for Kalanick in September, has said he's remaking Uber to be a more ethical company.

Former UK Minister Calls for Second Vote on Brexit to End Stalemate
His colleague, Labour's Paula Sherriff, said she had "important meetings" scheduled for next week and would vote against the move. But instead of facing them down and fuelling tensions, the government accepted their four amendments.

Sonic Mania Plus retro infomercial
The buyer is having none of it and just wants to find out more about Sonic Mania whilst admiring all its features. Sonic Mania Plus is due out for PlayStation 4, Xbox One, Switch, and PC at retailers on July 27 for $29.99.

Woods drawn alongside Matsuyama and Knox at British Open
Woods, of course, is now back on a regular schedule, making his 12th start of the PGA TOUR season this week. He is playing the first two rounds with Russell Knox and Hideki Matsuyama .

Google faces record-breaking European Union fine tipped to exceed £2.1 billion
Google insists their policies are important to keep the Android ecosystem consistent and help Android OEMs compete against Apple . The EU penalty is likely to exceed the 2017 fine because of the broader scope of the Android case , experts claim.

Ladies of London Star Annabelle Neilson's Cause of Death Revealed
The former model appeared in the USA reality TV show Ladies of London and was an avid horse racer until a riding accident in... Annabelle Neilson , who starred on the Bravo reality series Ladies of London from 2014-2015, has died.

Google expands job search to the UK
Google also shows employer ratings from current and former workers, as well as typical commute times to job locations. Much like Google search the new job aggregation tool is free, and doesn't cost job sites or hunters any money to use.

No Man's Sky NEXT Trailer Shows Off Multiplayer Space Exploration on PS4
NEXT brings with it NMS' long-requested multiplayer support, unlimited base building and, as you can see above, improved graphics. Could. could this really be the version of No Man's Sky that we've always been hoping for? Full multiplayer launches July 24.

Brexit rebellion costs British PM May another minister
Pro-EU Conservative rebels were reportedly warned that defeat on the amendment could force a general election. A crucial vote on the collection of customs duties passed by 305 to 302, a majority of just three.

Truex repeats win in Cup Series race
He has the top driver rating (125.9) at Kentucky, with two wins, five top-fives and six top-10s in the Cup races . Erik Jones followed up his win at the Coke Zero Sugar 400 with a second-place finish in qualifying Friday.

Israel ‘torched its way’ to Iranian nuclear secrets — NY Times
They grant the symbolic annual award to a "chaffy" worldwide figure whose "self-belief turns into an indefinite foolishness". Ghasemi said, however, "maybe someday he will call Tehran and ask for negotiations - this is more likely".

Royal family ‘snubbed’ Trump leaving Queen to meet him alone
Although no reason was given for Prince William and Prince Charles' snub, the two did have other engagements during his visit. None of the members of the royal family accompanied her to meet Donald and Melania .

Texas woman accused of biting off chunk of woman's nose, swallowing it
Doctors urged her to go under the knife within the next two weeks to avoid further complication - but the woman is not insured. Friends established a GoFundMe page to help with the cost of the surgery.

Anne Rice's Vampire Chronicles in Development at Hulu
While Vampire Chronicles has only just now found a place to call home, the series has already been through quite a bit of drama. The Hollywood Reporter brings word that The Vampire Chronicles TV series has been picked up by Hulu .

Chelsea youngster close to Derby County move
Blues legend Lampard, who recently took over as Derby boss, is keen to snap up the 19-year-old midfielder on a season-long deal. Wilson will be linking up with Frank Lampard if he joins Derby, as he prepares for his first season in management.