Strasbourg, June 16 (QNA) - The European Parliament on Tuesday gave its final approval to the trade agreement concluded last year between the European Union and the United States.

The agreement was approved by 440 lawmakers, while 151 voted against it and 50 abstained.

Under the deal, European Union member states will eliminate tariffs on most industrial and agricultural products imported from the United States. In return, US tariffs on European imports will be capped at 15 percent.

In a post on X, Ursula von der Leyen, president of the European Commission, said, "With this milestone, we are days away from fulfilling our commitment to remove tariffs on imports of US industrial goods. With full implementation on both sides, our agreement will deliver even more benefits for citizens and businesses. Ensuring strong and stable transatlantic trade and investment."

Following the European Parliament's approval, all that remains is formal endorsement by the bloc's 27 member states for the agreement to be ratified.

US President Donald Trump has set a deadline of July 4 for European countries to fulfill their commitments under the trade agreement with the United States.

The European Commission may suspend the tariff agreement if the US president does not remove by the end of this year the additional 50 percent duties imposed on hundreds of products containing steel and aluminum. (QNA)