Japan and European Union sign trade agreement amid worries about Trump’s trade war

Japan, EU signs trade pact that will eliminate nearly all tariffs on traded goods

Japan and the European Union signed a sweeping free trade deal Tuesday saying they were sending a "clear message" against protectionism, as Washington puts up barriers and threatens a trade war.

The Japan-EU Free Trade Agreement will eliminate almost all tariffs between the bloc and the world's third biggest economy.

The ceremony came amid spreading protectionism driven by U.S. President Donald Trump's "America First" agenda and an intensifying trade row between the United States and China.

Baker McKenzie partner Ross Denton said the deal signed Tuesday sends "a very strong signal to the US Administration that the European Union and Japan, two major trade partners of the US, both see the benefits of removing barriers and reducing, not increasing tariffs".

The deal was also struck amid turmoil in Britain with the United Kingdom yet to agree how its final trading relationship with the European Union will work after Brexit. It was previously reported that if the deal does enter into force before Brexit, it could apply automatically to Britain during a post-March 2019 transition period of around two years.

"We are sending a clear message that we stand together against protectionism", EU Council President Donald Tusk said after the agreement was signed.

At a EU-Japan summit Tuesday in Tokyo, the envoys were clear that the agreement was meant to send a message about the value of trade and cooperation.

'There is no protection in protectionism, ' he said.

"It is the common duty of Europe and China, but also America and Russian Federation, not to destroy (the global trade order) but to improve it, not to start trade wars which turned into hot conflicts so often in our history", Tusk said Monday in Beijing.

The signing had been due to take place in Brussels on July 11, but Abe was forced to cancel his trip after torrential rains triggered flooding and landslides in Japan that killed about 220 people.

Both sides are heralding the deal, which covers a third of the global economy and more than 600 million people. Japan will no more levy duties on European cheese and wines. According the European Commission, the deal is projected to eliminate just under $1.2 billion worth of tariffs for EU exporters and double the amount for Japanese firms.

The major step toward liberalizing trade was discussed in talks since 2013 but is striking in the timing of the signing, as China and the US are embroiled in trade conflicts.

The European Union yesterday called on the United States, China and Russian Federation to work together to cool worsening global trade tension, warning that they could spiral into violent "conflict and chaos". The administration has already signalled extra levies on Chinese goods worth an additional $200 billion, and is studying a plan to impose a 25 percent levy on auto imports.

The EU will eliminate tariffs on 99 per cent of imports from Japan.

The deal has been in the works for years, but the parties reached an agreement in principle several months after President Trump pulled the United States out of the Trans-Pacific Partnership, a major trade deal with Japan and 10 other nations. Japan's growth remains heavily dependent on exports.

Related News:

  • Google Assistant update grabs NOW’s predictive cards

    Google Assistant update grabs NOW’s predictive cards

    Assistant for Android devices is available in the Google store , and for iOS devices, it's available in the Apple store. Predictive cards previously used in Google Now have just this week been moved to Google Assistant in Android.
    Russia must ‘account for role’ in MH17 tragedy: G7

    Russia must ‘account for role’ in MH17 tragedy: G7

    Worldwide investigators said in May that the BUK anti-aircraft system used to bring down the jet belonged to the Russian military. Along with France and the U.S. , the G7 includes Britain, Germany, Japan, Italy and Canada, now holding the group's presidency.

    Mobile Introduces $5/Day International Pass With 512MB of LTE Data

    While T-Mobile may not be capping how much data you can use while roaming overseas , you do get limited by speed throttling. The daily price is half of the rate charged by Verizon and AT&T for their daily Data Passes for use out of the country.
  • An orange a day may prevent age-related vision loss

    An orange a day may prevent age-related vision loss

    They also looked at other common foods such as tea, red wine and apples and could find no link to preventing macular degenration. Eating one serving of oranges once a week provides significant health benefits as well.
    Walmart and Microsoft partner up on cloud technology

    Walmart and Microsoft partner up on cloud technology

    Walmart recently invested big in the Indian market with a majority stake acquisition of e-commerce platform Flipkart for Dollars 16 billion in May.
    Anthony Joshua to face Alexander Povetkin in September

    Anthony Joshua to face Alexander Povetkin in September

    Should Joshua defeat Povetkin, another match has already been reserved on April 13, 2019 for his return back to Wembley Stadium. He has serious pedigree and only a fool would underestimate what he brings to the table.
  • I misspoke on election meddling

    I misspoke on election meddling

    Trump claimed he meant to say the opposite - he doesn't see why Russian Federation "wouldn't" be responsible for interference. Trump called the summit a "first step toward a brighter future and one toward a strong dialogue and a lot of thought".
    Liver cancer death rate up 43% since 2000 — CDC

    Liver cancer death rate up 43% since 2000 — CDC

    Liver cancer is now the sixth-leading cause of cancer death, up from the ninth, LiveScience reports . Nevertheless, both men and women saw increases in mortality rates in the period studied.
    EU, Japan sign landmark trade deal to eliminate almost  all tariffs

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

    Besides the latest deal with the EU, Japan is working on other trade agreements, including a far-reaching trans-Pacific deal. The EU and Japan aim to have the agreement come into force before the United Kingdom leaves the EU next March.
  • 11-year-old raped by 17 men over weeks

    11-year-old raped by 17 men over weeks

    Describing her ordeal, the victim told police that Ravi Kumar, 66, an elevator operator first sexually assaulted her. An 11-year-old hearing impaired girl in Chennai was allegedly raped by more than 15 men over the last six months.

    Where is Michelle Obama? US Magazine gives details

    Beyoncé and hubby Jay-Z are now performing at various locations for their On The Run II Tour. The photos have since gone viral on social media.
    Peya and Melichar win mixed doubles title

    Peya and Melichar win mixed doubles title

    In the Gentlemen's and Ladies' Singles, first round losers received £39k - an increase of 11.4% from the year before. The Mixed Doubles champions earned £110k, an increase on the £100k handed out to the 2015, 2016 and 2017 winners.


Most liked

Sink Floyd! Pacquiao wants second crack at Mayweather
But for now, the man who may run for President will return to his day job in the Senate where his inbox has been filling up while he was away.

Blood on the shroud of Turin has nothing to do with Jesus
Garlaschelli has since concluded that the Shroud of Turin was made by an artist with the help of an assistant. The marks on the shroud of Turin belonged to Jesus, because it was too vague and sufficiently greased.

Giant spider alert after pots are dumped and two tarantulas leg it
Under the Wildlife and Countryside Act, it is an offence to release or allow the escape of any non-native species into the wild. They are black in colour, but once mature develop pink-red hairs along their bodies - giving them a salmon pink look.

Suspected Houston-area serial killer, wanted in at least three deaths, captured
Jose Gilberto Rodriguez was arrested after a 14-minute vehicle chase with police, and charged with two counts of capital murder. That same day, Allie Barrow , 28, was shot and killed at the Mattress Firm, located across the street from the mall.

Dramatic video shows police pursuit, officer shooting through auto windshield
LVMPD policy allows officers to pursue and fire at fleeing suspects if there is imminent danger to others. The glass did not shatter; instead, the bullets made precise holes in the windshield.

How the Queen trolled Trump
That day, she wore the brooch the Obamas gave her on their last visit to England. "To her it's nearly like royal orders". It's unclear who is behind the account, which gleaned much of its information from a royal jewelry blog .

Liverpool Make World Record Bid For Brazil Number One
The Liverpool boss, Jurgen Klopp , has been guarded about his plans for a new goalkeeper after Loris Karius' disappointing end to the season.

Taiwan's Tseng Chun-hsin wins boys' singles title at Wimbledon
Breaks were exchanged throughout the third set, but it was Tseng who grabbed what turned out to be the crucial one to lead 5-4. Tseng broke back but the momentum was with Draper and he charged through the tie-break to take the match into a decider.

Trump favors improving US, UK ties with Russian Federation and China
Last night, Trump revealed on Twitter that he was "looking forward to meeting with President Putin tomorrow". Mr Macron dismissed suggestions that the allies agreed to contribute more than their two percent goal.

Croatia’s president is against attempts to isolate Russian Federation
While Putin was handed an umbrella, Grabar-Kitarovic had to make do without, but she did not let the rain dampen her spirits. Immediately after the match the players of the winning team went to celebrate in their locker room.

Ex-Chelsea star Burley: Hazard needs Real Madrid move like Ronaldo did
Earlier today, multiple reports confirmed that Liverpool have submitted a bid for Roma goalkeeper Alisson Becker. Cech is undoubtedly a Chelsea legend but made seven errors leading to goals in the Premier League last term.

Sanchez misses start of United's USA tour over visa problem
Mourinho has been keen to add some defensive nous to his squad this summer and Manchester United have been interested in taking Tottenham's Toby Alderweireld to Old Trafford.

Liverpool make world-record swoop for Roma stopper Alisson
Liverpool have bid a world record £62 million for Roma goalkeeper Alisson as Jurgen Klopp looks to solve his goalkeeper problem. If that's not definitive evidence that Alisson is DEFINITELY going to join Liverpool imminently, then I don't know what is.

The $US150b man: Jeff Bezos becomes the richest man in modern history
That makes the Amazon CE richer than anyone else on earth since at least 1982, when Forbes published its inaugural wealth ranking. Last year, Oxfam International found that more than 80 percent of earnings went to the top 1 percent of the world population.

Ishaan Khatter knows how to annoy Janhvi Kapoor and it’s really cute
I was only getting attention because of Mom and Dad and to some extent about the speculation of me coming into Bollywood '. She is coming back earlier, on July 14 because I told her she has to be there for the first cast and crew screening.