A much-debated EU-US tariff deal has received its final approval by European Union member countries amid a threat by US President Donald Trump to slap more tariffs on Europe should the agreement not be implemented by July 4.
"We are committed to a strong and open transatlantic partnership with our historic ally," said Cypriot Commerce Minister Michael Damianos on Thursday, who handled the file.
Trump and European Commission President Ursula von der Leyen agreed to limit US tariffs on most EU products to 15% in August 2025. In return, the EU committed to scrapping tariffs on US industrial goods and easing market access for US agricultural products.
Many legal details remained unspecified at the time, triggering legislative proceedings in the European Union on how the deal is to be implemented in the bloc.
Trump, however, threatened the EU with higher tariffs should the deal not be ready for implementation on Independence Day, the US national holiday on July 4.
The EU added several measures to the deal aimed at protecting European economies.
"Openness must go hand in hand with safeguarding our interests," said Damianos.
These measures include the decision to end the tariff preferences on December 31, 2029, unless extended.
The agreed safeguards also allow the European Commission to suspend tariff preferences if Washington fails to reduce tariffs on EU steel and aluminium derivatives to 15% by the end of 2026, the European Parliament said.
"These measures achieve both, supporting stable and predictable trade flows with the US while ensuring the EU can respond swiftly and proportionately when the deal is not respected or its interests are at stake," Damianos said.
