EU paves way to finalise US trade deal and avoid Trump tariff hike
EU member states have signalled green light for finalising a framework trade agreement with the United States. The deal is designed to avert Donald Trump's threatened tariff hike on European exports.
European Union member states have moved to authorise the finalisation of a framework trade agreement with the United States. According to Brussels, the European Commission has put the negotiating package on a fast-track approval process, with technical text expected to be wrapped up within weeks.
The deal is designed to head off Donald Trump's threatened tariff hikes on European automotive, steel and agricultural exports. In return, the EU is committing to coordinate reductions in some industrial product tariffs from the US side and to ease investment access.
The governments of Germany and France have publicly endorsed the acceleration, while some mid-sized member states are pushing for stronger protections on agriculture. EU–US trade is worth around €1.5 trillion a year; the outcome will directly affect transatlantic companies and the euro–dollar exchange rate.
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