Trade agreement with the US, close to approval - EU member states reach understanding. Safeguard measures are foreseen
The European Union has reached a provisional agreement on legislation to remove import duties on US goods, a key part of the trade deal reached with Washington last July.
Under the terms of the agreement reached last year, the EU agreed to remove import duties on US industrial goods and grant preferential access to US agricultural and marine products. In return, the United States will impose 15% tariffs on most EU goods.
Almost 10 months since that framework agreement, the European Parliament and the Council, the body representing EU governments, agreed on a legislative text, paving the way for the EU tax cuts to come into effect with safeguards in case Trump fails to implement the deal.
“I welcome the agreement reached by the European Parliament and the Council to reduce tariffs on US industrial exports to the EU. This means that we will soon deliver on our part of the EU-US Joint Declaration, as promised. I now call on the co-legislators to act quickly and conclude the process,” European Commission President Ursula von der Leyen wrote on X.
“Together, we can ensure sustainable, predictable, balanced and mutually beneficial transatlantic trade,” she added.
Trump has said he would impose much higher tariffs on EU goods, including cars, if the European Union fails to implement its trade deal commitments by July 4, having previously threatened to raise tariffs on EU car imports to 25% from the current 15%.
EU lawmakers had twice suspended the required legislation after Trump threatened to impose new tariffs on European allies that did not support his proposed purchase of Greenland and after the US Supreme Court struck down his global tariffs.
The bloc now has to meet a deadline set by Trump on July 4, with a final approval vote in the European Parliament expected in mid-June.
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