The provisional agreement reduces duties on US industrial goods and farm produce while maintaining 15% US tariffs on EU products.
The European Union reached a provisional deal to cut tariffs on US goods, meeting a July 4 deadline set by former President Trump to avoid higher US duties on European exports. The agreement implements the Turnberry trade framework, reducing EU import duties on American industrial goods and granting preferential access to US agricultural and seafood products.
Under the deal, the US will maintain a 15% tariff on most EU products, down from threatened levels of up to 25%, including potential increases on car imports. The EU secured safeguards, including a sunset clause ending tariff concessions on March 31, 2028, and the ability to suspend the deal if the US breaches terms.
Steel and aluminum tariffs remain unresolved, with further discussions expected within the broader trade framework. A final vote by the European Parliament is anticipated in mid-June to formalize the agreement.