European lawmakers have reached a provisional deal to remove some import tariffs on U.S. goods, part of a trade agreement signed last summer. The move comes ahead of a deadline set by President Trump that would have ramped up tariffs on cars.
The European Union had paused ratifying the deal in response to Trump's imposition of a 15% global tariff in February. The EU also delayed the process when Trump threatened to raise tariffs on nations opposing his desire to annex Greenland.
The agreement eliminates remaining import duties on U.S. industrial goods and reduces duties for certain seafood and agricultural products. The EU has pledged around $600 billion in investment in the U.S.
European Commission President Ursula von der Leyen said, 'A deal is a deal, and the EU honors its commitments.' The trade deal is expected to serve as a platform for continued engagement with the U.S. to lower tariffs and cooperate on shared challenges.
