The agreement represents about one-third of global trade. The agreement should remove all import tariffs (with certain exceptions) between the two sides, boost economic growth and create jobs.
EU member states have also supported a strategic partnership agreement with Japan in the sectors of security, defence against cybercrime, energy and climate change mitigation.
The deal comes at a time of President Donald Trump's American protectionist policies and his "America first" agenda. The United States have imposed import tariffs on steel and aluminium. Now, they prepare a similar move for the automotive sector, which would harm the EU and Japan considerably.
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