EU Council Approves Tariff Cuts on US Goods

The Council of the European Union on Thursday approved legislation removing import tariffs on a range of US goods, fulfilling the EU's commitments under last year's trade agreement with President Donald Trump and helping avert a renewed transatlantic trade dispute.

The European Parliament approved the measure last week by 440 votes to 151, with 50 abstentions, nearly 11 months after the framework agreement was reached.

Trump had threatened to impose "much higher" tariffs if the EU failed to implement the necessary measures by 4 July. Following the Council's approval, the bloc is on track to meet that deadline. The legislation will enter into force once it is published in the EU's Official Journal.

Under the agreement, the EU will eliminate tariffs on US industrial goods, grant preferential market access for selected US agricultural products and extend duty-free imports of US lobsters, a measure first agreed during Trump's first term.

The legislation will remain in force through the end of 2029 and includes safeguard provisions allowing the EU to suspend the trade concessions if the United States breaches the agreement.

(reuters, bak)