BRUSSELS, March 26 (Xinhua) -- European Union (EU) lawmakers on Thursday approved the bloc's tariff deal with the United States reached in July last year, after months of delay and with new safeguard conditions in place.
Lawmakers responsible for trade added several provisions to the original agreement, including a "sunset clause" under which the EU's tariff cuts will automatically expire on March 31, 2028. Tariff preferences for U.S. steel, aluminium and related products will apply only if the United States fulfills its commitment to reduce tariffs on corresponding EU goods to 15 percent or below.
They also strengthened a suspension clause, allowing the EU to halt trade preferences if the United States imposes tariffs above the agreed 15-percent ceiling or introduces new duties on EU goods. In addition, a safeguard mechanism was introduced, enabling the European Commission to suspend the new rules if a surge in U.S. imports risks causing serious harm to EU industry.
Under the deal, the EU will eliminate tariffs on all U.S. industrial products and introduce tariff-rate quotas for a wide range of U.S. agri-food products entering the EU market. In return, Washington will set a 15-percent tariff ceiling on most EU goods exported to the United States. ■