On August 21, 2020, the U.S. Trade Representative (USTR) and the European Union (EU) Trade Commissioner issued a joint statement announcing an agreement on tariff reductions to increase market access between the U.S. and EU.
The reductions by both parties will be done on a Most Favored Nation (MFN) basis and will be retroactive to August 1, 2020. The changes include:
- The elimination of tariffs by the EU on imports of U.S. live and frozen lobster products for five years, with the intent to make the change permanent; and
- The 50% reduction by the U.S. on tariff rates for specific EU products, including certain prepared meals and crystal glassware.
The joint statement can be found here: