The European Union finally reached an agreement on the ratification of the trade agreement negotiated last summer with the United States. Representatives from EU member states and the European Parliament, “under pressure from recent threats from US President Donald Trump,” have agreed to accept “the full implementation of the controversial customs agreement with the United States,” as reported by Die Tagesschau.
The agreement states that customs duties on imports of American industrial products into the EU will be eliminated and ensures the US “better access to the European market for their agricultural and seafood products,” details the media outlet from Hamburg. In return, customs duties on European exports to the United States will be capped at 15%. The “tariff concessions granted by the EU will be suspended in case of non-compliance with the agreements by the United States.”
This provisional agreement helps avoid the deadline announced by Donald Trump on July 4, which “foresees an increase in tariffs on cars to 25%,” reminds The Wall Street Journal. The EU had suspended the ratification of the agreement when the Republican president imposed tariffs in February.
