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Started 1 day ago · Updated 16 hours ago

EU States Approve Trade Deal with US, Awaiting Final Parliamentary Vote

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EU member states have formally approved a compromise to implement a trade deal with the United States, which now awaits final approval from the European Parliament. The agreement aims to cap US levies on European goods and involves reciprocal tariff adjustments, with safeguards in place should the US not uphold its commitments. This move is intended to prevent potential US tariffs on EU imports.

• The accord caps US levies on most European goods at 15 percent, with the EU agreeing to remove import duties on American industrial goods and ease access for agricultural and marine products.
• Safeguards are included, allowing the European Commission to suspend parts of the agreement if the US fails to implement or re-increases agreed tariffs.
• The deal includes a provision for its expiry at the end of 2029, extending beyond Donald Trump's term.
• The European Parliament, which has previously suspended ratification, is expected to vote on the bill in mid-June.
• The agreement was negotiated to avoid rekindling tensions with the White House and meet a July 4 deadline to implement the deal.