This morning the Parliament and the Council of the European Union reached a preliminary agreement on the two legislative acts of implementation of the tariff commitments under the Declaration joint meeting of the EU and the US of 21 August to establish a framework for trade and mutual investments. Last summer's statement was agreed after repeated announcements in the previous months of US President Donald Trump of the intention to apply tariffs 25% or higher against European products. The declaration followed the political agreement on tariffs and trade, which was not legally binding, which was concluded on previous 27 July by the President of the European Commission, Ursula von der Leyen, and by the US president.

The main commitments agreed last July included the establishment of a single US tariff cap, and all-inclusive 15% for EU goods in force from August 1 and applied to almost all exports EU and at the same time provided for the elimination of tariffs on all US industrial products and preferential access to European market for certain U.S. agricultural and seafood products.

Today's agreement reached by the two EU co-legislators sets out an expiry clause set for 31 December 2029 of main regulation on industrial imports, and U.S. agribusiness. Before that date, the Commission European Commission will carry out a full assessment of its effects on industry, agriculture and small and medium-sized enterprises EU companies, as well as changes to the with third countries. The Commission will be able to to submit a legislative proposal to extend the duration of the regulation.

Regarding the list of derivatives of steel and aluminium subject to tariffs to which the US had added 407 last August product categories, new duties that the European Parliament considers increase the level of trade instability, It has been agreed that the EU Commission may suspend tariffs if, by 31 December 2026, the United States will continue to apply a tariff rate above 15% on EU steel and aluminium derivatives. In addition, by on 1 December, the Commission will present to the Parliament and the Council a report on tariff treatment of these products.

Parliament and Council of the EU then agreed that the Commission may suspend preferential tariffs if the United States does not address the Union's concerns about the tariff treatment of EU exports up to 24 February 2026 benefited from the all-inclusive tariff cap by 15%.

The European co-legislators also agreed to set up a safeguard mechanism in the event that tariff preferences granted to the United States lead to an increase in imports that would cause serious harm to EU industry, including agricultural sector. The Commission may launch a follow-up investigation own initiative or on the basis of information provided by one or more Member States or the European Parliament. In addition, the Commission report quarterly to the Parliament and the Council on changes in the volumes and values of trade of U.S. exports of goods covered by the legislation.

The final texts agreed today will be submitted in the next weeks to the formal adoption of the Parliament and the Council in with a view to their entry into force.

The European Commission has expressed its support for The political agreement reached this morning. The President of the Committee on International Trade of the European Parliament, Bernd Lange, pointed out that, that of the negotiations on tariffs between EU and USA, it has been "a difficult path, but - underlined - it was worth it. By turning into law the commitments made in the joint statement - he explained - this Regulation becomes part of the instruments available to the EU to improve EU-US relations, while responding to the pressures. This agreement is an important step towards a Greater predictability of trade relationships transatlantic liners. With the introduction of the expiry and a solid suspension clause - added Lange - the Parliament has substantially improved the proposal for the Commission. In addition, the agreement provides for mechanisms for review and safeguards, as well as better control clearer and more regular democratic system. A partnership A stable ocean liner can only be successful if both sides of the remain committed to reliability, moderation and mutual trust".