Joint Statement Of The United States And The European Union On A Tariff Agreement

The US will reduce tariffs by 50% on certain products exported by the EU, with an average annual trade value of $160 million, including certain ready meals, certain crystal glass products, surface preparations, propelled powder, cigarette lighters and lighter parts. U.S. tariff reductions will also be based on the MFN and retroactively from August 1, 2020. « As part of improving EU-US relations, this mutually beneficial agreement will bring positive results for both the US and EU economies. We intend this package of tariff reductions to mark only the beginning of a process that will lead to additional agreements that would create freer, fairer and reciprocal transatlantic trade, » said Ambassador Lighthizer and Commissioner Hogan. Under the agreement, the EU must remove tariffs on imports of live and frozen lobster products from the US on a most-favoured-nation (MFN) basis. Customs duties are to be abolished for a period of five years and the European Commission has agreed to immediately initiate procedures to make the tariff changes permanent. The United States has agreed to reduce its tariffs by 50% on certain products exported from the European Union, including certain ready meals, certain crystal glass products, surface preparations, propellant powder, lighters and fire parts. This reduction can be achieved on the basis of the best quality. WASHINGTON, 21.

Aug. (Xinhuane) — The United States and the European Union (EU) on Friday announced a customs deal on lobster and other products to improve transatlantic market access, citing « the first tariff cuts negotiated by the United States and the EU in more than two decades. » The tariffs deal comes as trade tensions between the US and the EU over aircraft subsidies and the digital tax have escalated in recent months. Following a World Trade Organization (WTO) decision on aviation subsidies last year, the United States imposed $7.5 billion in additional tariffs on European products. ■ U.S. Trade Representative Robert Lighthizer and EU Trade Commissioner Phil Hogan announced today that they have reached agreement on a package of tariff reductions that will improve market access for exports to the US and the EU for millions of euros. These tariff reductions are the first tariff reductions negotiated by the US and the EU in more than two decades. « We intend this package of tariff reductions to mark only the beginning of a process that will lead to additional agreements that would create freer, fairer and reciprocal transatlantic trade, » they said. As part of the agreement, the EU will remove tariffs on imports of live and frozen lobster products into the United States. US exports of these products to the EU exceeded $111 million in 2017. The EU will remove these duties with retroactive effect to 1 August 2020 on a most-favoured-nation (MFN) basis. EU tariffs will be abolished for a period of five years and the European Commission will immediately initiate procedures to make the customs changes permanent. As part of the deal, the EU will remove tariffs on imports of live and frozen lobster products from the U.S.

for five years, retroactively from Aug. 1, according to the Office of the U.S. Trade Representative (USTR). US exports of these products to the EU exceeded $111 million in 2017. Wendy Cutler, vice president of the Asia Society Policy Institute and former U.S. trade negotiator The trade negotiator said Friday that these mini-tariff deals appear to be aimed at « making up for lost market access due to our trade wars and sitting on the sidelines while others make preferential deals. » « As part of improving EU-US relations, this agreement that is beneficial to both sides will produce positive results for both the US and EU economies, » USTR Robert Lighthizer and EU Trade Commissioner Phil Hogan said in a joint statement. . . .