EU clears major hurdle to finalize U.S. trade pact — and sidestep Trump tariff hikes
The European Commission has reached a provisional agreement to eliminate import duties on U.S. goods, aiming to finalize the trade pact swiftly. This agreement is seen as a way to avoid potential tariff hikes threatened by U.S. President Donald Trump. It includes mechanisms to protect European industry while maintaining trade relations with the U.S.
- ▪European Commission President Ursula von der Leyen welcomed the provisional agreement on legislation to remove import duties on U.S. goods.
- ▪The agreement includes a safeguard mechanism allowing Brussels to suspend tariff reductions if U.S. imports harm European industry.
- ▪The provisional agreement follows a previous trade deal struck nearly a year ago at Trump's golf resort in Scotland.
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European Commission President Ursula von der Leyen on Wednesday welcomed a provisional agreement on legislation to remove import duties on U.S. goods and called on co-legislators to move swiftly to finalize the process.EU lawmakers welcomed the breakthrough after more than five hours of talks overnight, saying it likely paves the way for the 27-nation bloc to avoid a threat by U.S. President Donald Trump to punish a further delay with higher tariffs.The agreement includes a safeguard mechanism that would let Brussels suspend tariff reductions in the event that U.S. imports harm European industry. It also allows the European Commission, the EU's executive arm, to suspend tariff preferences if the U.S.
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