Lawmakers approve US trade deal to avert tariff conflict

Lawmakers in the European Parliament approved a trade deal measure aimed at cutting duties on many U.S. goods imports, helping avert a renewed tariff clash between the EU and the United States. The approval follows a framework reached last July under which the EU agreed to remove import duties on U.S. industrial goods in return for U.S. tariffs of 15% on most EU goods. Nearly 11 months later, the EU had not yet implemented the import-duty cuts, after which U.S. President Donald Trump warned of “much higher” tariffs unless action was taken by July 4. The EU assembly cleared the final legislative step to meet that deadline and also extended duty-free imports of U.S. lobsters. Executives including Volvo Cars expect more predictable rules to support planning. The vote should avert July 4 tariffs, though implementation details still leave uncertainties and the EU legislation expires end-2029.