EU negotiators have reached a provisional agreement on implementing a tariff deal with the United States.
Under the deal – which still needs a final vote in the European Parliament and from ministers – the EU will allow most US industrial goods to be imported with zero tariffs.
In return, Trump agreed to a maximum 15 percent tariff on all EU goods exported to the US. That was seen as preferable at a time when the US President was threatening a wide range of tariffs on countries around the world.
Under the provisional deal reached overnight in Strasbourg, the European Commission will be able to suspend the agreement if Trump doesn’t keep his word on the 15 percent ceiling.
“The EU has shown that we are a reliable trading partner, while standing firm in defending the interests of European stakeholders,” said European Commissioner for Trade, Maroš Šefčovič.
“Once formally approved by the European Parliament and the Council, this will reinforce stability in transatlantic trade and open the door even wider to constructive cooperation. I trust this is in our shared interest and reflects our common ambition.”
The tariff deal was an important step for Ireland which has a large amount of trade with the United States.
President Trump has been getting increasingly impatient with the time it is taking the EU to implement the deal.
Earlier this month, he warned that the US would impose new “higher” tariffs on the European Union if the deal was not in place by 4 July.