European parliament finally approves Trump tariff deal
Summary
The European Parliament has approved a tariff deal made last year with President Donald Trump’s administration. The deal sets rules on tariffs for steel, aluminum, and other products, with conditions and an end date in 2029 unless renewed.Key Facts
- The European Parliament approved the tariff deal with the U.S. last July’s agreement.
- The deal includes a “sunset clause” that makes it expire on December 31, 2029, unless renewed.
- It sets conditions on tariff cuts for steel and aluminum products, which the U.S. had imposed citing national security.
- The U.S. applies a 15% tariff on most EU exports under this deal.
- The EU removed import taxes on some U.S. goods like agricultural and seafood products.
- The European Commission can suspend tariff preferences for U.S. goods by December 31, 2026, if tariffs on steel products continue.
- The deal will be officially adopted at a European leaders’ meeting in Brussels.
- The EU paused the approval process twice in 2024 due to threats of higher tariffs and other U.S. actions.
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