EU agrees to implement US trade deal struck last summer
Summary
The European Union has agreed to start a trade deal with the United States that was made last summer. This deal will remove most import taxes on goods between the EU and the US to help maintain steady trade.Key Facts
- The EU approved the trade deal after five hours of talks between members of the European Parliament and EU member states.
- The deal was originally made in July at President Donald Trump’s golf course in Scotland.
- The agreement removes import taxes on most American goods entering the EU.
- The EU aims to meet President Trump’s deadline of July 4 to finalize the deal, which the US has already put in place.
- The deal includes rules that allow the EU to pause the agreement if the US breaks promises or harms EU businesses.
- EU lawmakers insisted on safety measures, including a clause to end the deal in 2028 and to respond if tariffs increase again.
- The US has until the end of the year to lower its steel tariffs from 50% to 15%.
- The trade between the EU and US is very important, worth over €1.8 trillion by 2025.
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