EU reaches deal on US trade pact as Trump threatens new tariffs by July 4
Summary
The European Union reached a deal to implement a trade agreement with the United States after long negotiations. This deal meets the July 4 deadline set by President Donald Trump, who warned of higher tariffs if the agreement was not approved.Key Facts
- EU lawmakers and member states agreed early Wednesday on implementing a trade pact with the U.S.
- The deal was initially made last July but needed final approval on the EU side.
- President Trump threatened new tariffs if the EU did not approve the pact by July 4.
- The agreement sets most tariffs on European goods at 15 percent with some adjustments.
- EU negotiators compromised by removing or changing some tougher rules originally added by parliament.
- A suspension clause lets the EU respond if the U.S. breaks the deal, but it was softened to give the U.S. until the end of the year to remove extra tariffs on steel.
- The pact’s expiry date was extended to the end of 2029.
- The trade relationship with the U.S. is important for the EU’s $1.9 trillion economy.
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