"The 27-nation bloc struck an accord with Washington last July setting levies on most European goods at 15 percent, but to Trump's frustration it had yet to make good on its pledge to scrap levies on most US imports in return. Negotiators from the EU's parliament and capitals wrangled late into the night, finally emerging several hours after midnight with news of an agreement to move forward."
""This means we will soon deliver on our part," EU chief Ursula von der Leyen said as she welcomed the agreement and called for the implementation process to be finalised quickly. "Together, we can ensure stable, predictable, balanced, and mutually beneficial transatlantic trade," von der Leyen said in a social media post."
"Short of that, Trump had warned the European Union should expect "much higher" tariffs -- and had already vowed to raise duties on European cars and trucks from 15 to 25 percent. The tariff blitz unleashed by Trump before the Turnberry accord, including hefty levies on steel, aluminium and car parts, jolted the bloc into cultivating trade ties around the world."
"The EU parliament gave the deal a conditional green light in March, after months of delay caused by Trump's designs on Greenland and a US Supreme Court ruling striking down many of the president's tariffs. Lawmakers were under pressure to renege on several amendments that the Americans considered unacceptable -- including a suspension clause that would scrap favourable tariff conditions for US exporters should the US breach the deal."
A 27-nation EU bloc reached an accord with Washington that sets 15% levies on most European goods. The EU had not yet removed most US import levies as pledged, prompting US frustration and warnings of higher tariffs. EU negotiators finalized an agreement after late-night talks, with Ursula von der Leyen saying the EU would soon deliver on its part and calling for quick implementation. The deal is intended to meet a US ratification deadline tied to an agreement made in Turnberry, Scotland. The EU faces pressure from US concerns about unacceptable amendments, including a suspension clause affecting favorable tariff conditions for US exporters. The final text empowers the European Commission to trigger suspension provisions.
#eu-us-trade #tariffs-and-levies #transatlantic-agreement #eu-parliamentary-approval #ursula-von-der-leyen
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