EU paves way to finalise US trade deal and avoid Trump tariff hike
Lawmakers added suspension powers and a 2029 expiry as the bloc moves to lock in tariff cuts and avoid higher US duties.
- On Wednesday, the European Union reached a provisional agreement to remove import duties on U.S. goods, aiming to meet President Donald Trump's July 4 deadline and avert higher tariffs on European products.
- Negotiations faced repeated delays over the past year due to tariff uncertainty, U.S. Supreme Court rulings striking down Trump's global tariffs, and geopolitical tensions surrounding Trump's proposed acquisition of Greenland.
- The agreement imposes a 15% U.S. tariff on most EU exports while including a "sunset clause" to end concessions in 2029 and a suspension mechanism if Washington breaches the terms.
- Cyprus's Energy, Commerce and Industry Minister Michael Damianos said, "Today, the European Union delivers on its commitments," emphasizing the importance of maintaining a stable transatlantic partnership.
- Ratification remains pending in the European Parliament and among member states, with officials expecting approval within weeks to finalize the framework protecting nearly $1.7 trillion in annual bilateral trade.
149 Articles
149 Articles
DECRYPTAGE - Ten months after the signing of the agreement with Washington, the White House was impatient and had set an ultimatum in Brussels. MEPs and Member States found a compromise on its transposition.
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European Union Approves Trade Framework With U.S. as Trump’s July 4 Tariff Deadline Approaches
European officials finalized a provisional agreement advancing tariff reductions on American exports after President Donald Trump warned the bloc faced steep new duties if it ... The post European Union Approves Trade Framework With U.S. as Trump’s July 4 Tariff Deadline Approaches first appeared on [your]NEWS.
Trump Gets EU Trade Deal After Tariff Threats
The European Union on Wednesday formally signed off on its trade deal with the United States, ending months of negotiations and pressure from Washington aimed at avoiding a tariff dispute between the two sides. Earlier this month, U.S. president Donald Trump warned Brussels to approve the agreement by July 4 or face sharply higher tariffs, accusing the EU of moving too slowly to complete the process. “A deal is a deal, and the EU honours its com…
"It's sensible," says a trade expert, that the EU finalized last year's trade agreement with the US on Wednesday night. But the agreement would never be made today, he believes.
The German economy has in principle welcomed the agreement on the full implementation of the customs agreement with the USA.
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