U.S. and EU Announce Agreement on Tariff Reductions

Posted by Kelsay Calvaruso on 8/27/20 5:00 PM

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:

https://ustr.gov/about-us/policy-offices/press-office/press-releases/2020/august/joint-statement-united-states-and-european-union-tariff-agreement

Topics: USTR, EU, Tariffs, European Union

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