European Parliament approves EU‑US trade agreement, setting 15% tariff cap

The European Parliament voted 440‑151‑50 to adopt the main regulation and 444‑152‑54 on a separate lobster amendment, giving final approval to the EU‑US Turnberry trade agreement. The deal removes EU tariffs on most American industrial goods, grants preferential market access for U.S. seafood and agricultural products, and limits EU export tariffs to the United States to a maximum of 15%.

The agreement runs until 31 December 2029 and contains safeguard mechanisms: the EU may suspend the tariff preferences if the United States keeps steel or aluminium duties above 15% after 31 December 2026, or if the concessions cause a surge of imports that seriously harms European industry. The United States must also cut its tariffs on certain products, such as washing machines and steel‑derived goods, to 15% by the end of the year, and the pact must be fully in force by 4 July, the deadline set by President Donald Trump. Formal ratification by the EU Council is still required.

Industry groups have already warned of sectoral impacts; French cosmetics exporters, for example, report a 25% drop in U.S. sales since the deal was negotiated, highlighting the economic stakes for specific markets.