This contentious agreement still awaits formal ratification by EU member states along with the European Parliament. According to the terms agreed upon recently by MEPs and legislators from the EU, the pact will expire on 31 December 2029 unless extended.
Just a week after EU diplomats and lawmakers reached an agreement to remove EU tariffs on the majority of US industrial products within the framework of the EU-US trade deal, EU ambassadors approved a deal with the European Parliament on Wednesday, clearing the path for the EU Council to formally adopt the full agreement.
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This procedural advancement occurs amid growing US pressure on Europe to implement the EU-US deal, which was sealed last summer by US President Donald Trump and European Commission President Ursula von der Leyen, following weeks of revived trade disputes.
Trump has warned that, unless the EU enforces the deal by 4 July, he intends to impose a 25 percent tariff on European cars.
Meanwhile, MEPs must still formally ratify the agreement achieved by the EU side, with a preliminary vote set to take place during the plenary session scheduled from 15 to 18 June.
«The deal we have secured with the European Parliament represents a crucial step toward fulfilling the EU’s obligations,” stated a spokesperson for the Cypriot Presidency, which negotiated with MEPs on behalf of EU member states.
The spokesperson further noted that “strong protections” have been incorporated in the agreement “to safeguard the interests of European businesses and economic operators».
The agreement, viewed as uneven by numerous MEPs, dictates that the EU would be subject to 15 percent tariffs from the US while eliminating its own tariffs on American goods.
Yet, after repeated threats from Trump to impose tariffs in violation of the agreement, EU legislators urged member states to include clauses, such as a “sunset” provision, which would terminate the agreement on 31 December 2029 unless renewed.
According to the deal finalized last week, the Commission would also hold the authority to suspend the trade agreement at the request of either Parliament or a member state if the US does not remove tariffs on European steel and aluminium products by the end of 2026.