Leaders of the European Union and Japan have launched an alliance aimed at boosting economic cooperation, defending free trade and countering unfair trade practices as the two sides face growing challenges from the United States and China.

Japan's trade agreement with the U.S. could serve as the benchmark for many other deals currently being negotiated with Washington, and the global economy could just about support the 15% level agreed overnight,

The Japan-U.S. trade deal provides only a brief relief, as tariffs remain at higher levels than before, threatening to hinder Japan's