The deal, if approved, would treat the EU as one entity, allowing any EU carrier to fly from anywhere in the EU to anywhere in the US.
If, for example, LH
wanted to operate LHR
, they would be allowed to.
But from what I've read, it seems some folk in the US Congress are not too "happy" that the US DOT is examining the rules on foreign ownership/investment in US carriers. So I think they have a way to go before everyone, on both sides, sign off on this agreement.
The EU would like the US to allow 49%, same as in the EU, ownership provision. Although here in the UK you can have the whole "kit and kaboodle" if you want to, as we have no such restriction.