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EU Agrees to Drop Tariffs on Cars from Japan
The European Union has agreed to abandon tariffs of 10% and 3% on imported Japanese cars and parts, respectively.
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The European Union has agreed to abandon tariffs of 10% and 3% on imported Japanese cars and parts, respectively.
In return, Japan says it will accept more EU shipments of beef and pork, and eliminate 30% duties on cheese and 15% on wine from the 27-nation region.
The agreement, which is described as the EU’s largest trade deal ever, awaits ratification by the European Parliament and member states. The partners hope to begin the accord in 2019.
Backers note the pact will create the world’s largest open economic bloc. In a rebuke to U.S. President Donald Trump’s protectionist philosophy, Japan and the EU herald their agreement as a signal that both are committed to “keeping the world economy working on the basis of free, open and fair markets with clear and transparent rules.”
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