EU and US Near Turning Point: Trade Dynamics Amidst Tariff Negotiations
EU lawmakers are set to back a pact that keeps most EU goods at 15% tariffs and gives U.S. products zero tariffs.
- On Tuesday, the European Parliament is set to vote on a tariff deal with the United States, marking the final political step to stabilize the $2 trillion trade relationship before a July 4 deadline.
- After Trump returned to the White House last year, he unleashed a tariff blitz targeting steel and auto sectors, prompting Leyen to scramble for an agreement reducing tensions with the European Union's largest trade partner.
- The agreement sets levies on most goods at 15%, while the European Parliament added safeguards including an expiration date at the end of 2029 and a "safety net" measure empowering the European Commission to suspend the pact if commitments are breached.
- While lawmakers from the Greens and the Left argued the bloc failed to defend its interests, Jorgen Warborn MEP of the EPP Group added the deal "remains the most viable option on the table and the best available outcome for EU businesses."
- Trump recently vowed a 10% global tariff, prompting the EPP to push for deal certainty to European companies; trade committee head Bernd Lange stated on Thursday that Parliament must remain firm in its relations with Washington.
38 Articles
38 Articles
Parliament voted in favour of the so-called Turnberry deal, with 15 percent inch on most EU products imported into the US. Import duties on U.S. industrial goods are to be eliminated. By Sarah Lopez.
Deal on tariffs reached last summer between European Commission chief von der Leyen, US President Trump
Due to threats from Donald Trump, work in the EU parliament was temporarily halted, and the legislation was only agreed to with conditions.
The trade agreement is supposed to bring reliability. US President Trump insists on an early implementation.
The President of the European Commission today welcomed the adoption by the European Parliament of two legislative acts enabling the trade agreement between the European Union (EU) and the United States to be implemented, allowing the Community bloc to fulfil its part. 我 I welcome today's positive vote in the European Parliament on our trade agreement between the EU and the United States. An agreement is an agreement – and the European Union is …
With the agreement, EU countries meet Trump's deadline of July 4th and temporarily avoid even higher tariffs.
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