Will trade deal between Japan-EU hurt U.S.?

European Council President Donald Tusk (left) and Japanese Prime Minister Shinzo Abe agreed earlier this month to a landmark free trade deal, presented as a direct challenge to protectionism championed by President Donald Trump. (YVES HERMAN / Reuters)

Question: Will the U.S. suffer economically from the recent trade deal between Japan and European Union?

Bob’s Answer: No

The European Union wanted success before Brexit negotiations and national elections dominate its agenda. This deal is largely about political symbolism. Average tariffs between the two sides are already low. Yes, tariffs on Japanese cars will be reduced over the next seven years and tariffs on EU clothing, cheese and more will be reduced but this is not a blockbuster deal that will have material impact on the U.S.

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