EU Parliament Approves US Tariff Deal Legislation

Key facts

• European Parliament approved legislation to implement the EU/U.S. tariff deal.
• The deal sets levies on most EU products at 15% and zero tariffs for US industrial goods.
• A safety net measure allows the EU to suspend the pact if the US fails to meet commitments.
• The agreement has an expiration date of the end of 2029 unless renewed.
• 440 EU lawmakers backed the deal, with 151 against and 50 abstaining.

The European Parliament has given final approval to legislation implementing a tariff deal with the United States, marking a significant step in closing a chapter of transatlantic trade relations. The agreement, clinched in July of the previous year, sets levies on most of the bloc's products at 15 percent while Brussels agreed to zero tariffs for US industrial goods. This move aims to defuse threats of new tariffs on European vehicles and meet a July 4 deadline. The deal includes safeguards such as an expiration date of the end of 2029 unless renewed, and a provision allowing the European Commission to suspend the pact if the US fails to meet its commitments. The vote saw 440 EU lawmakers back the deal, with 151 against and 50 abstaining.