The European Parliament will consider a package of laws this week necessary for the implementation of the trade agreement between the EU and the US. The documents provide for a reduction or cancellation of some tariffs on American industrial and agricultural products.
On Tuesday, Members of the European Parliament plan to vote on two legislative acts that are intended to solidify tariff agreements between the European Union and the United States.
This concerns an agreement reached in July last year between US President Donald Trump and European Commission President Ursula von der Leyen.
The proposals agreed upon by negotiators from the European Parliament and the Council of the EU provide for the cancellation of most tariffs on a range of industrial and agricultural goods from the US. At the same time, additional mechanisms to protect European producers have been included in the documents.
For ordinary consumers, the changes may remain almost unnoticed immediately after the rules come into effect. However, for companies engaged in international trade, the new conditions mean easier access to the market and a reduction in some trade barriers.
One of the important elements of the agreement is the so-called continuation clause. It stipulates that tariff preferences will remain in effect until the end of 2029 unless the parties agree to extend them earlier.
Mechanisms for protection for the industrial and agricultural sectors of the EU are also provided. In addition, the document establishes conditions for the application of preferential tariffs on steel and aluminum products and defines cases when the agreement may be suspended.
A separate bill proposes to expand the already existing zero-tariff regime on the import of certain types of lobsters from the US.
Trade disputes between the EU and the US have repeatedly led to the introduction of mutual tariffs in recent years. The new agreements aim to reduce tensions and create more predictable conditions for businesses on both sides of the Atlantic.
Even after approval by the European Parliament, the documents will need to receive final approval from the Council of the EU. After publication in the Official Journal of the European Union, the new rules will come into effect the following day.
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