The approval by all EU countries came just over a week before the 250th anniversary of US Independence Day on July 4. US Donald Trump had set that date as a deadline for implementing the trade agreement weeks ago. The rules will next be published in the EU’s Official Journal and take effect the following day.
Details of the agreement
The deal provides for the elimination of European tariffs on US industrial goods. It also grants better market access for American seafood and agricultural products. A safety net ensures that the benefits apply only if the US fully meets its commitments under the agreement. The European Parliament and member states had agreed on this after lengthy negotiations. Among other provisions, the EU can suspend its tariff concessions if the US violates the terms, for instance by imposing new tariff hikes. Additionally, the US must reduce tariffs on washing machines and other steel-containing products to no more than 15 percent by the end of the year. If it fails to do so, the EU will consider similar tariffs. The agreement also includes a fixed expiration date of December 31, 2029. By June 30, 2029, the European Commission must conduct a comprehensive assessment of the impact of the changes and may propose extending the tariff concessions.
Source: www.spiegel.de
