Lawmakers in Strasbourg voted by a broad majority in favor of the agreement, which eliminates tariffs on US industrial goods and grants US seafood and agricultural products better market access. However, the EU ties its concessions to conditions: should the US violate the agreement, for instance by imposing new tariff hikes, the tariff benefits can be suspended again.
In addition, the US must reduce tariffs on washing machines and other products containing steel to a maximum of 15 percent by the end of the year. Otherwise, the EU plans to review similar tariffs. A fixed expiration date is also included.
Bernd Lange (SPD), chair of the Parliament’s trade committee, said: “The EU is not issuing a blank check.” This strengthens Europe’s position and allows for a more assertive stance toward Washington. The Council of the EU must still formally approve the deal.
Source: www.zdfheute.de
