EU and Japan to sign new Trade Deal to eliminate all tariffs

The European Union and Japan are signing a widespread trade deal that will eliminate nearly all tariffs, seemingly defying the worries about trade tensions set off by President Donald Trump’s policies.

The signing, set for Tuesday in Tokyo, is ceremonial, delayed from earlier this month because Japanese Prime Minister Shinzo Abe canceled going to Brussels over a disaster in southwestern Japan, caused by extremely heavy rainfall. More than 200 people died from flooding and landslides.

European Council President Donald Tusk and European Commission President Jean-Claude Juncker arrived Monday.

Both sides are heralding the deal, which covers a third of the global economy and more than 600 million people.

Prices of European wine and pork will fall for Japanese consumers. Japanese machinery parts, tea and fish will get cheaper for Europe.