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European Parliament freezes ratification of the EU–US trade agreement

According to information, the relevant decision is expected to be announced tomorrow afternoon in Strasbourg

Newsroom January 20 06:42

The approval process of the EU–US trade agreement reached in July is heading toward suspension, according to sources close to the European Parliament’s Committee on International Trade, as reported by the BBC.

According to the same sources, the decision is expected to be formally announced tomorrow afternoon in Strasbourg.

The agreement was concluded in July following a meeting between Donald Trump and European Commission President Ursula von der Leyen in Scotland. It provided for a reduction of US tariffs on all imports from the European Union to 15%, a development that was seen as positive at the time, given the US president’s threats to impose tariffs of up to 30%.

However, the agreement requires approval by the European Parliament in order to enter into force, while the competent Committee on International Trade has not yet completed its review and assessment. The climate was further strained on Saturday, when Donald Trump threatened new US tariffs amid the dispute over Greenland.

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A few hours after those statements, German MEP Manfred Weber said that “approval is not possible at this stage,” sending a clear signal about the future of the agreement.

Meanwhile, while negotiations were ongoing, the European Union had suspended the imposition of retaliatory tariffs on US products worth a total of €93 billion.

That suspension expires on February 6, and unless it is extended or the agreement is approved by the European Parliament, European tariffs on products from the United States will come into force on February 7.

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