Ratified by a 440 to 151 margin, with 50 abstentions, the deal will cut duties on many US goods imports to fulfill the European Union's side of a trade deal struck last year.
According to the agreement reached last July, tariffs on most EU goods are set at 15%, while Brussels committed to a 0% tariff on US industrial goods.
EU member states have ratified the agreement, and the European Parliament's approval is considered the final step before the document officially takes effect.
The move helps the EU meet the July 4 deadline set by President Donald Trump, and also helps to mitigate the risk of the US imposing new tariffs on European cars.
However, the EP has added several safeguards, including a clause that terminates the deal at the end of 2029 if not renewed, and a provision empowering the European Commission (EC) to suspend it if the US fails to honor its commitments or disrupts trade and investment.
