economy
European parliament finally approves Trump tariff deal
MEPs agree to implement deal almost 12 months after it was proposed and just days before deadline of US threat to raise tariffs
TL;DR
- The European Parliament has given final approval to a tariff agreement with Donald Trump.
- The deal will expire on December 31, 2029, unless renewed.
- Clear conditions are set for tariff reductions on products containing steel and aluminum.
- The US applies a 15% tariff on most EU exports, while the EU has cut duties on some US goods to 0%.
- The European Commission can suspend tariff preferences for US goods if the US continues to apply tariffs on steel derivatives.
- MEPs had previously suspended the ratification process due to threats of higher tariffs and actions regarding Greenland.
- The EU agreed to the deal to achieve stability for businesses and industry, despite a US Supreme Court ruling against a key tariff.