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.

U.S. President Donald Trump has now set his sights on trade negotiations with the European Union, after announcing a framework agreement with Japan. "We have Europe coming in tomorrow, and the next day, we have some other ones coming in," Trump said late on Tuesday, without specifying details.

Europe will soon have trade negotiations with the US. For now, the US government was able to strike a positive trade deal with Japan.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

NATO prepares for potential threats as EU defense chief highlights 2027 as a critical year when Russia and China could launch simultaneous military actions.

The EU's recent 18th sanctions package against Russia has begun to disrupt fuel exports from Indian refiner Nayara Energy, a major customer of Russian crude, leading to altered payment terms and canceled tanker bookings.

The European Union will merge two packages of potential tariffs against the U.S. so that both are ready to take effect in early August if no deal has been reached with the Trump administration. The combined list will need approval from EU member states and could take effect as soon as Aug.

Wall Street's main indexes moved higher on Wednesday after a Financial Times reported that the EU and the United States were closing in on a trade deal, similar to the agreement U.S. President Donald Trump struck with Japan.