Brussels, June 25 (EFE).- The European Union (EU) on Thursday gave its final approval to the trade pact with the US, thereby removing the remaining customs duties on US industrial goods in exchange for a 15 percent tariff on European exports.
The European Council formally adopted the agreement that European Commission President Ursula von der Leyen and US President Donald Trump reached a year ago, although the bloc has introduced safeguards to suspend its implementation if Washington fails to comply.
The agreement will enter into force once it is published in the Official Journal of the EU, a procedure expected to be completed in the coming days, before July 4, the deadline set by Trump, who has threatened to raise tariffs if the EU fails to meet the deadline.
«We are committed to a strong and open transatlantic partnership with our historic ally, but openness must go hand in hand with safeguarding our interests,» Michael Damianos, Cyprus’ minister of energy, commerce and industry, said in a statement. Cyprus currently holds the rotating presidency of the EU.
The EU has granted tariff preferences to the US in exchange for Trump accepting a 15 percent tariff on European products, instead of the 25 percent he had intended to impose last year when he initiated his trade war against most countries around the world.
