BRUSSELS, June 30 (Reuters) – The European Union’s side of a trade deal struck with the United States last year, which will remove import duties on many U.S. goods, will come into force on July 1, said a formal European Union regulatory filing.
• The EU said this regulation would apply from July 1 until December 31, 2029.
• “Where appropriate, the Commission shall submit together with the comprehensive assessment a legislative proposal to extend the period of application of this Regulation,” added the regulatory filing.
• Under the agreement, the EU agreed to remove import duties on U.S. industrial goods and provide preferential access to U.S. farm produce. It will also extend duty-free imports of U.S. lobster, a mini-deal struck with Trump during his first term as president.
• The EU legislation expires at the end of 2029 and includes multiple safeguards that would allow the EU to suspend concessions if the United States breaches the trade deal’s terms.
(Reporting by Phil Blenkinsop;Editing by Sudip Kar-Gupta)
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