European Parliament approves US trade deal to lower tariffs
The European Parliament has approved cutting tariffs on many US imports to comply with a deal signed last year. US President Trump had given the
The European Parliament has approved cutting tariffs on many US imports to comply with a deal signed last year. US President Trump had given the bloc a July 4 deadline to meet its side of the deal. The European Parliament has approved a deal struck last year under which the EU agreed to remove import duties and ease access for several kinds of US goods. Approving the deal, which foresees tariffs of 15% on imports of EU goods to the US, could avert another round of tariff conflict between Brussels and Washington.
"Under considerable pressure, we secured important guardrails to keep European interests on track," said the chair of the European Parliament's trade committee, Bernd Lange. "One thing is certain: we will stay on it and keep a close watch on the implementation," he said. The German Association of the Automotive Industry (VDA) urged authorities to swiftly implement the measures. "Reliable operating conditions are of paramount importance to our companies," VDA President Hildegard Mueller said in a statement to Reuters. Trade deal was a year in the works US President Donald Trump and European Commission President Ursula von der Leyen agreed to a deal in August last year.
The US was to limit tariffs on most EU products to 15%, and in return the EU would scrap tariffs on US industrial goods and improve market access for American agricultural products like pork and dairy. But many legal details remained unspecified at the time, while a US Supreme Court decision striking down many Trump's tariffs also caused delays. Meanwhile, Trump's threats over Greenland also prompted Europe to delay implementing its side of the bargain. Trump eventually gave Europe a deadline of July 4 — US Independence Day — to implementthe deal.
EU lawmakers approved the deal with 440 MEPs in favor, with 151 against and 50 abstaining. It will now need to be signed off on by member states — widely seen as a formality as individual governments had already approved of the terms earlier during the negotiations. Edited by: Rana Taha
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