According to a statement by the European Parliament, the agreement between the EP and the Council strengthens several elements of the original proposal to reduce uncertainties in transatlantic trade and protect the EU’s industrial sector, agriculture, and small and medium-sized enterprises.
Provisions related to imports of industrial and agri-food products will include a sunset clause to expire at the end of 2029, and the European Commission will have the authority to suspend tariff preferences granted to the US if Washington fails to address EU concerns regarding tariffs imposed by the US on its exports.
The European Parliament and the Council also agreed to establish safeguard mechanisms in cases where Washington adopts measures deemed detrimental to the EU.
