After an all-night meeting, the parties have now reached a consensus, the EPP announced in a press release. The agreement means in practice that the US will impose a 15 percent tariff on most European goods.
"This is not a dream deal from our perspective. We are getting the highest tariffs in 85 years. But the alternative is even worse," said Foreign Trade Minister Benjamin Dousa (M) ahead of the negotiations.
The agreement was concluded last summer but has until now been processed by the EU and by its member states to arrive at final wording.
US President Donald Trump has said his patience has begun to run out and gave the EU until July 4 to approve the agreement - otherwise higher tariffs would be imposed.
