EU takes steps to ratify the Turnberry Agreement on trade with U.S.
May 20 (UPI) -- The European Council and Parliament agreed to move forward with the trade agreement from last summer's visit with President Donald Trump at Turnberry, Scotland.
The provisional agreement reached on Tuesday includes a "dedicated safeguard mechanism," which would allow the EU to suspend tariff reductions if it is found that they harm domestic producers within the bloc.
The safeguard can be triggered by a request from three or more member states, EU industry or trade unions or the European Commission.
The Turnberry Agreement eliminates tariffs on most U.S. industrial goods imported into Europe.
The negotiations began after Trump threatened on May 8 that he would raise tariffs to "much higher levels" if the EU failed to agree to a trade deal by July 4. He also threatened to tax European-made cars to 25%.
"The EU and the United States share the world's largest and most integrated economic relationship," said Michael Damianos, minister of energy, commerce and industry of the Republic of Cyprus, in a statement. "Maintaining a stable, predictable and balanced transatlantic partnership is in the interest of both sides. Today, the European Union delivers on its commitments. We are and will remain a trusted and reliable partner in global trade. We have ensured in our agreement robust safeguards to be able to protect European interests, businesses and workers."
Members of the European Parliament have criticized the Turnberry Agreement as unbalanced because it raises U.S. tariffs on EU goods to 15%.
The Parliament froze the deal after Trump threatened Greenland earlier this year and again after the Supreme Court ruled that his earlier tariffs were illegal in February. The Court disallowed tariffs issued under the International Emergency Economic Powers Act of 1977. Trump then added a 10% across-the-board tariff and then later upped it to 15%.
The European Commission assured lawmakers that the United States would keep its word and cap tariffs at 15%, Euro News reported. The Commission could suspend the agreement if the United States doesn't lift tariffs on European steel and aluminum products by the end of the year. They also agreed that the Commission would decide if the United States has broken the agreement and propose to the legislature to "to extend the regulation's duration."
But some MEP's believe some attached conditions added by Parliament have been weakened, and it's unclear if this version will pass a final vote in June. The conditions could anger Trump, who didn't agree to them, Euro News reported.
The EU, under the Turnberry Agreement, agreed to invest $600 billion into strategic sectors in the United States through 2028. It also agreed to buy $750 billion worth of American energy.
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