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On June 16, the plenary session of the European Parliament voted in Strasbourg to pass the relevant legislation of the EU US trade agreement, and the legislative text will be submitted to the European Council for approval. On May 20th, representatives from the European Parliament and the Council of the European Union reached an agreement on the proposal, agreeing to implement tariff preferences and strengthen safeguard mechanisms for US products exported to Europe. US President Trump has threatened to increase tariffs on EU exports to the US if the EU fails to fulfill the agreement by July 4th.