The EU and the U.S. Are Growing Closer: The European Parliament Has Approved New Free Trade Rules
16 June 20:36
The European Parliament has approved two important pieces of legislation governing trade relations with the United States, implementing new provisions of the trade agreement. These legislative acts facilitate the elimination of tariffs on industrial and agricultural goods, thereby improving market access for U.S. goods in the EU.
This is reported on the European Parliament’s website, according to "Komersant Ukrainian".
Key Provisions of the Laws
According to information posted on the European Parliament’s website, the new legislation provides for:
- The elimination of tariffs on all industrial goods from the U.S., which should help increase trade volumes.
- Preferential access to the EU market for a wide range of American seafood and agricultural products.
- The continuation of duty-free imports of American lobsters, which now also applies to processed lobsters.
Parliamentary negotiators, together with the Council of the EU, added several robust safeguard mechanisms to the European Commission’s initial proposals.
“Sunset clause”: The main regulation will remain in effect until December 31, 2029. By the end of June 2029, the European Commission will conduct an assessment of the impact of trade on the EU’s industry, agricultural sector, and small and medium-sized enterprises.
Response to Steel and Aluminum Tariffs: If , by December 31, 2026, the U.S. continues to apply a tariff rate higher than 15% on European products, the European Commission will be able to suspend tariff preferences for the U.S.
Strengthened suspension clause: The European Commission will be able to revoke tariff preferences if the U.S. fails to address the EU’s concerns regarding the tariff regime for European exports.
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Market damage safeguard mechanism: A safeguard system has been introduced in caseof a significant increase in imports that would threaten the EU’s industrial or agricultural sectors.
Bernd Lange, Chair of the Committee on International Trade, noted:
“Despite pressure, the European Parliament has upheld a robust ‘safety net’ for European businesses.”
He added that the law is part of the EU’s protective toolkit.
After the European Parliament approves the documents, they must be formally adopted by the Council of the EU.
As a reminder, U.S. President Donald Trump previously issued a serious warning to France: if Paris does not repeal the digital services tax, the U.S. may impose a 100% tariff on French wine and champagne.
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