The 27 member countries of the European Union gave their formal green light on Thursday June 25 to the trade agreement negotiated last year with the United States, which will therefore be able to come into force before the expiration of the ultimatum set for July 4 by Donald Trump.
The European Parliament, whose approval was also required, ratified the trade agreement last week, not without having negotiated safeguards with member states to better defend European interests. In turn, member states validated legislation removing customs duties applied in the EU on most industrial and agricultural products from the United States.
This was the main commitment made last summer by the Europeans at Turnberry, in Scotland, in exchange for capping the taxes imposed last year by the American president on European imports at 15%.
Deadline set for July 4
Judging the EU ratification process too long, Donald Trump gave the Europeans until July 4, the day of the celebrations of the 250th anniversary of the United States, to keep this promise.
In a compromise negotiated in May with member states, MEPs obtained a sunset clause, which provides for the automatic expiration of the trade agreement at the end of 2029, after the end of Donald Trump’s term, unless an extension is voted by then.
The Commission will also be able to suspend the customs pact if Donald Trump does not remove by the end of the year the 50% surcharges that he has imposed on hundreds of products containing steel and aluminum.
