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EU · Tariffs · Trade · US
EU lawmakers gave preliminary approval to a U.S. trade deal on June 2, clearing the path for final ratification by June 16, thereby avoiding President Donald Trump's threatened new tariffs if the agreement was not in place by July 4.
The European Parliament's trade committee greenlit the agreement, with the full European Parliament scheduled to vote on June 16, and EU member states expected to give final assent shortly after. The deal was initially reached last summer but faced delays due to Trump's threats on Greenland and a U.S. court ruling invalidating global tariffs, straining relations between the trading partners.
Under the agreement, the EU eliminates tariffs on U.S. industrial goods, while the U.S. caps most EU export tariffs at 15%. President Trump stated he would raise tariffs on European automobiles to 25% if the deal was not in place by his July 4 deadline.
The EU's final text includes an expiration date at the end of 2029 and allows the bloc to suspend the pact if tariffs on products with steel and aluminum exceed 15% after 2026.
