Key facts
- EU governments have adopted legislation to remove import duties on many U.S. goods.
- The European Parliament approved the legislation with 440 votes in favour.
- The deal avoids renewed transatlantic trade conflict and meets a July 4 deadline set by President Trump.
- The agreement grants the EU's side of a trade deal struck with U.S. President Donald Trump.
- The EU will remove import duties on U.S. industrial goods and provide preferential access to U.S. farm produce, including lobster.
- The legislation expires at the end of 2029 and includes safeguards.
European Union governments have adopted legislation to remove import duties on a range of U.S. goods, fulfilling the EU's commitments under a trade deal negotiated with U.S. President Donald Trump. This move aims to avert renewed transatlantic trade conflict and meet a July 4 deadline set by Trump, who had threatened higher tariffs otherwise.
The European Parliament had previously approved the legislation, with the Council of EU governments formally adopting it on Thursday. The new rules are set to take effect upon publication in the EU's official journal.
Under the agreement, the EU will eliminate import duties on U.S. industrial products and offer improved access for U.S. agricultural produce. This includes extending duty-free imports for U.S. lobster, a specific concession previously agreed upon.
The legislation is designed to remain in effect until the end of 2029 and incorporates safeguards that would permit the EU to suspend its concessions if the United States fails to adhere to the terms of the trade deal.