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The EU and Japan Move Closer

by John Browne
Euro Pacific Capital

Any news that emerged from last week’s G-20 Summit in Hamburg, Germany was bound to be overshadowed by the high theater of the first-ever meeting between U.S. President Trump and Russian President Vladimir Putin. As a result, the biggest actual development from the Summit garnered very little attention in the American media. In fact, it did not involve America at all.

On July 6th, the European Union and Japan announced a broad EU-Japan Economic Partnership Agreement. The fact that the agreement was presented at the time when world attention was focused on the G-20 can be viewed as a snub to President Trump, who has routinely disparaged these types of comprehensive deals. It also placed added pressure on Prime Minister Theresa May in the Brexit negotiations, as it was clearly meant to demonstrate what the UK will be missing if it leaves the Union. Politics aside, the deal could have a major impact on corporate strategy and earnings within the EU and Japan with effects ranging far into the global economy.

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