Brussels, June 25 (EFE).- The European Union (EU) on Thursday gave its final approval to the trade pact with the US, thereby removing the remaining customs duties on US industrial goods in exchange for a 15 percent tariff on European exports.
The European Council formally adopted the agreement that European Commission President Ursula von der Leyen and US President Donald Trump reached a year ago, although the bloc has introduced safeguards to suspend its implementation if Washington fails to comply.
The agreement will enter into force once it is published in the Official Journal of the EU, a procedure expected to be completed in the coming days, before July 4, the deadline set by Trump, who has threatened to raise tariffs if the EU fails to meet the deadline.
«We are committed to a strong and open transatlantic partnership with our historic ally, but openness must go hand in hand with safeguarding our interests,» Michael Damianos, Cyprus’ minister of energy, commerce and industry, said in a statement. Cyprus currently holds the rotating presidency of the EU.
The EU has granted tariff preferences to the US in exchange for Trump accepting a 15 percent tariff on European products, instead of the 25 percent he had intended to impose last year when he initiated his trade war against most countries around the world.
The bloc is also extending the tariff suspension to lobster imports and granting preferential access to other types of US seafood and non-sensitive agricultural products.
The European Commission may suspend all or part of the agreement if Washington fails to meet its commitments or if tariff preferences for the US lead to «significant import surges» that threaten to cause «serious injury» to the European industry.
To assess potential damage, the European Commission may launch an investigation either on its own initiative or because at least three Member States, domestic industries, or trade unions request it.
The agreement may also be suspended if, by Dec. 31, 2026, the US imposes a tariff exceeding 15 percent on products derived from steel and aluminum.
In any case, the EU has decided to terminate the agreement on Dec. 31, 2029, although the Commission may propose an extension. EFE
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