A European Parliament committee has just voted in favor of legislation to eliminate tariffs on many US goods and imports, essentially avoiding another clash with the US over trade – like the clash that occurred last year.
As a reminder, US President Trump has set a July 4th deadline for the EU to resolve this issue or risk incurring more trade/tariffs controversy again.
With the vote passing here, we at least see the EU avoiding another trade conflict with the United States. This is especially good news at a time when the repercussions of the conflict in the Middle East are expected to significantly weaken the economy in the coming months.
Just a note that the above legislation still needs to be approved by the full EU General Assembly. This is expected to happen sometime in mid-June, but should be just a formality.
