The European Union and Japan signed an agreement on Tuesday that will lift close to 100 percent of tariffs on products exchanged between the two.
The Associated Press reported that leaders from Japan and the EU hailed the deal as a significant step toward installing free trade practices, standing in stark contrast to President Trump’s decision to implement steep tariffs against U.S. allies and China.
Leaders from the EU and Japan struck a deal on key aspects of the agreement late last year, the AP reported. The new policies won’t go into effect immediately, as they require legislative approval.
The deal eliminates about 99 percent of tariffs on Japanese goods entering the EU and cuts roughly 94 percent of tariffs on European exports to Japan. The latter number will eventually climb to closer to 99 percent, the AP reported.
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