EU lawmakers approve a trade deal with the US to avoid higher tariffs

The European Parliament voted on Tuesday to implement a long-delayed trade agreement with the United States, effectively meeting a pressure-filled deadline set by President Trump.

The deal, known as the Turnberry Agreement, removes EU tariffs on several American industrial goods while allowing the U.S. to maintain its own 15 percent levies on specific European exports. Negotiators pushed for the vote to avert Trump's threat of imposing significantly higher duties on European cars and goods if the deal wasn't finalized by July 4. Critics have labeled the move a "humiliating capitulation" because the terms largely favor the American side without securing reciprocal cuts for all European industries.

European officials now expect the new tariff schedules to take effect by the end of the month to stabilize transatlantic trade relations.