Key facts
- EU lawmakers endorsed the EU-US trade deal, averting threatened tariffs.
- The deal includes a sunset clause expiring December 31, 2029, unless renewed.
- Tariff reductions on steel and aluminum products are conditional on US actions.
- The US applied 15% tariffs on most EU exports, while the EU cut duties on some US goods to 0%.
- The European Commission can suspend tariff preferences by December 31, 2026, if US steel tariffs persist.
- A final assessment of the deal's impact on EU industry is required by June 30, 2029.
European Union lawmakers have given final approval to a trade deal with the United States, averting threatened tariffs on EU goods. The deal, struck last July, includes a sunset clause that will cause it to expire on December 31, 2029, unless renewed. It also sets conditions for tariff reductions on products containing steel and aluminum, which the US had imposed under national security laws. Under the agreement, the US applies a 15% tariff on most EU exports, while the EU has cut import duties on some US agricultural products and seafood to 0%. The European Commission can suspend tariff preferences by December 31, 2026, if the US continues to apply tariffs on steel derivatives. The parliament's approval came nearly a year after the original deal was agreed.