European Parliament approves trade deal with the U.S. after Trump threatens higher tariffs

The European Parliament on Tuesday approved a major trade deal with the United States. 

The deal will eliminate tariffs on American industrial goods and lobster. Other goods, such as American agricultural products, will see reduced levies. Under the agreement, tariffs on many European goods to the U.S. will still have a 15% tariff or more. 

The deal was agreed upon a year ago at President Donald Trump's golf course in Turnberry, Scotland, the New York Times reported. Frustrated with delays, Trump threatened much higher tariffs on European goods if it wasn't passed by July 4. 

"A deal is a deal, and the EU is delivering its part. 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," Ursula von der Leyen, president of the European Commission, said in a statement. 

Individual European Union member states still need to approve the agreement before it's official, but Tuesday's vote should make those approvals a straightforward process.