The FTA, which still needs to be ratified, will create a trade zone in which 30 percent of world trade by value occurs. Though the deal has been in the works for years, new U.S. protectionist trade policies gave its architects a new sense of urgency. (Also lighting the fire was Brexit, since many Japanese carmakers serve the European market from the U.K.) The FTA will provide some relief to Japan and the EU in the event the U.S. places tariffs on automobiles and other goods and services. It’s also another blow to U.S. farmers, who had hoped to offset the damage of the trade war with increased exports to both Japan and Europe.
This is a win for japan and a loss for Europe. Japan will export high tech high quality stuff that will completely crush lagging European manufacturing. In return they will get booze and cheese.