DATA & FIGURES
The US applies a 15% tariff on most EU exports, while the EU has cut import duties on some US goods, some agricultural products, and a wide range of seafood to 0%. The European Commission will be able to suspend tariff preferences for US goods by 31 December 2026 if the US continues to apply tariffs on steel derivatives. The commission will report to the parliament on the matter by 1 December. By 30 June 2029, the commission is required to conduct an assessment of the impact on EU industry of the 0% tariffs on US goods for agriculture and small- to medium-sized businesses.
THE SCENARIO
The deal comes after a long period of tense relations between the EU and the US, with the US imposing tariffs on products with steel or aluminium content under the guise of national security considerations. The EU has frequently protested against these tariffs, and the European parliament's approval of the deal is seen as a way to achieve stability for businesses and industry.
DIRECT QUOTE
"Democracy is best served by a robust, thriving free press. But when that freedom is under attack, it falls to a determined few news organizations to ensure the full truth still reaches the public." — The Guardian, Newspaper
BBN INSIGHT
The approval of the tariff deal between the EU and the US is a significant development in the ongoing trade tensions between the two blocs. The deal is expected to provide stability for businesses and industry, but it also highlights the ongoing challenges in the relationship between the EU and the US.