STORY
The Council of the EU and the European Parliament have reached a provisional agreement on legislation to implement the tariff elements of last year’s EU-US Joint Statement. The package is intended to stabilise transatlantic trade and avoid a further escalation in tariffs after renewed tensions with Washington.
The main regulation would eliminate remaining EU customs duties on US industrial goods and provide preferential access for some seafood and non-sensitive agricultural products. EU negotiators also secured a safeguard mechanism, a reinforced suspension clause and a sunset clause under which the regulation would lapse at the end of 2029 unless extended.
The agreement still needs formal approval by the EU institutions before entering into force. It is politically important because the EU is trying to maintain a predictable trade relationship with the United States while retaining the ability to respond if Washington fails to honour its side of the arrangement or targets European exporters.