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EU Finalizes Implementation of US Trade Framework

The European Union completed its approval process Tuesday for the transatlantic trade agreement negotiated last summer, clearing the way for tariff reductions across industrial goods. European Parliament ratification enables the bloc to eliminate duties on all industrial products and grant preferential market access to U.S. goods. The agreement caps U.S. tariffs on EU imports at 15 percent and extends duty-free treatment to lobster and processed lobster products. Implementation will be completed by the end of the month, potentially within days. Implementation had faced two delays as the EU responded to new U.S. tariff announcements and diplomatic tensions. The finalized pact includes safeguard provisions to protect EU interests. Negotiations began in Turnberry, Scotland last July.