Key facts
- EU lawmakers endorsed the EU-US trade deal.
- The European Parliament approved cutting duties on many US goods imports.
- US President Donald Trump threatened tariffs of 15% on most EU goods if the EU did not act by July 4.
- The EU agreed to remove import duties on US industrial goods.
- EU countries are expected to give their final nod on June 26.
European Union lawmakers have voted to endorse a trade deal with the United States, fulfilling the EU's commitment to reduce import duties on US industrial goods. This action aims to avert a new round of tariff conflicts between the two economic powers. The deal, initially struck last year, involves the EU cutting duties on US goods in exchange for the US not imposing tariffs on most EU products. The EU's delay in implementing its side of the agreement had prompted US President Donald Trump to threaten significantly higher tariffs, setting a deadline of July 4. The European Parliament's approval on Tuesday represents the last major legislative hurdle, with final approval from EU countries expected on June 26. European Commission President Ursula von der Leyen affirmed the EU's commitment to the agreement.