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The European Union has officially approved the implementation of key terms of the framework trade agreement it reached with the U.S. last summer, capping a turbulent monthslong saga.
With the European Parliament voting in favor of implementation Tuesday, the bloc will eliminate tariffs on all industrial goods and provide preferential market access to a range of U.S. agricultural and seafood products. The EU will also prolong tariff-free treatment for lobster imports, including processed lobster. For its part, the U.S. agreed to cap tariffs on EU imports at 15% as part of the agreement struck in Turnberry, Scotland, last July.
The EU is expected to implement the provisions sometime before the end of the month, potentially as early as next week, EU officials told Supply Chain Dive.
The latest development finalizes the pact after the European Parliament and individual member governments gave their approval in recent months. Along the way, the bloc twice paused efforts to implement the deal in response to new tariffs and Trump’s threats to annex Greenland.
