U.S.-EU Trade Deal Advances

The 27 member-states in the European Union approved the European Commission’s trade agreement with the U.S. However, Mexico Business News said the European Parliament will challenge the elements it considers to be unfair after President Trump tripled tariffs on EU products while Brussels eliminated duties on U.S. imports.

In late November, the EU countries agreed to lower tariffs on U.S. imports under a deal struck last summer between the Commission and the White House. Critics said the deal presents multiple disadvantages to EU exports.

A proposal to introduce a “sunset clause” that would end the tariff cuts after five years if the deal doesn’t get renewed was debated and eventually shot down in discussions. The Commission said the deal was the “best achievable,” and to reject it would have caused the EU even greater disadvantages.

Both the Council and Parliament must agree on the final text by next spring.

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