Brussels, May 20 (SANA) The European Parliament and European Union member states reached an agreement on Wednesday paving the way for implementation of a trade deal concluded with the United States last year, in a move aimed at easing escalating trade tensions between the two sides.
According to Agence France-Presse, European Commission President Ursula von der Leyen welcomed the agreement, saying the bloc would “soon fulfill its commitments.” German Chancellor Friedrich Merz also said the deal reflected the European Union’s commitment to its obligations.
The agreement followed lengthy negotiations between representatives of the European Parliament and EU member states before they reached a compromise allowing the bloc to proceed with implementation of the accord with Washington.
Under the deal, the European Union secured safeguard mechanisms enabling Brussels to suspend tariff privileges granted to the United States if Washington fails to comply with the agreement or adopts discriminatory measures against European companies.
The agreement also allows the EU to introduce protective measures in the event of sudden increases in U.S. imports that could seriously harm European producers.
In return, the European Parliament agreed to soften some of its earlier demands by granting the United States until the end of the year to remove additional tariffs on steel components, rather than requiring their immediate cancellation.
Lawmakers also removed a clause linking the agreement’s entry into force to prior full U.S. compliance, while postponing any potential termination of the agreement until the end of 2029.
Bernd Lange, chair of the European Parliament’s Committee on International Trade, said lawmakers had succeeded in securing a “comprehensive safety net” within the agreement.
Meanwhile, European Parliament member Anna Cavazzini argued that the deal placed the European Union in a weaker position, although she said it could still contribute to economic stability and help reduce trade tensions between the two sides.
The European Union and the United States reached the original agreement in July last year, setting tariffs at 15 percent on most European goods. However, the EU did not complete the removal of tariffs on most U.S. imports, prompting criticism from U.S. President Donald Trump.
Trump had warned that the European Union would face “much higher” tariffs if no agreement was reached, pledging to raise duties on European cars and trucks from 15 percent to 25 percent.
N.J/R.K