Jolted by the threat of sweeping U.S. tariffs and “unfair” Chinese trade practices, the European Union and Japan on Wednesday launched a “competitiveness alliance” to expand bilateral trade ties, promote business cooperation and explore ways to diversify critical mineral supply chains.
The move comes as both sides have faced increased economic pressure from Washington. U.S. President Donald Trump said Tuesday that Washington had reached a new trade deal with Tokyo that leaves in place some tariffs, but the EU still faces a 30% levy with an Aug. 1 deadline.
The alliance, which will also include an “upgraded” economic dialogue in a format similar to what are known as two-plus-two talks involving senior officials, was among a series of agreements reached by Prime Minister Shigeru Ishiba, European Council President Antonio Costa and European Commission President Ursula von der Leyen during an EU-Japan summit in Tokyo.
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