The EU reached a preliminary trade agreement with the United States after hours of negotiations, hoping to avoid a new round of tariffs imposed by Trump, with a deadline of July 4, 69.
On May 20, 2569 at 14.20:XNUMX a.m., CNBC reported that Ursula von der Leyen, President of the European Commission They welcomed the preliminary agreement on the law to eliminate import tariffs on goods from the United States and urged lawmakers to expedite the final approval process.
Members of the European Parliament specify that This progress comes after more than five hours of negotiations throughout the night and could help the EU avoid the risk of Donald Trump threatening further tariffs if it delays ratifying the trade agreement with the United States.
The agreement includes a safeguard mechanism that allows Brussels to suspend tariff reductions if imports from the United States negatively impact European industries.Furthermore, the European Commission could suspend tax benefits if the United States continues to impose tariffs on processed steel and aluminum from Europe at rates higher than 15% by the end of 2569.
This preliminary agreement comes almost a year after the EU and the US reached a trade deal at Trump's Turnberry Golf Course in Scotland. The EU agreed to lift tariffs on industrial goods from the United States, while the Trump administration agreed to limit tariffs on most European goods to 15%.
President of the European Commission Indicate via X that... "An agreement is an agreement, and the EU will keep its promises." Ready to say Both sides can work together to build a stable, predictable, and mutually beneficial trade relationship.
Previously, the European Parliament had delayed consideration of the agreement twice, after Trump threatened to seize Greenland, an autonomous territory of Denmark, and after the US Supreme Court ruled to overturn many of Trump's tax measures.
Earlier this month, Trump also set a deadline for the EU to ratify the agreement by July 4, threatening to impose much higher tariffs if it did not meet the deadline.
Trump also announced plans to raise tariffs on imported cars and trucks from the EU to 25%, accusing the EU of not complying with the terms of the Turnberry Agreement.
The EU now expects to be able to pass the approval process before Trump's deadline, with the final vote anticipated in mid-June.
Seljana Sofko, the European People's Party's negotiator. specify that Europe can avoid an escalation of transatlantic trade tensions and help protect millions of companies, investments, and jobs on both sides of the ocean.
side Bernd Lange, the European Parliament's chief trade negotiator. admit that This process has been a bumpy road, but it's considered worthwhile because bringing the agreement into law will help improve EU-US relations and reduce future trade pressures.
refer : www.cnbc.com
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