EU-US Trade Tariffs: What is the new agreement all about?

A comprehensive package of tariff reductions is set to increase market access for hundreds of millions of dollars in U.S. and EU exports. According to the EU, “these tariff reductions are the first U.S.-EU negotiated reductions in duties in more than two decades”.

What was agreed?

  • EU eliminates tariffs on imports of U.S. live and frozen lobster products, retroactive to begin August 1, 2020.

  • US reduces certain prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lighters and lighter parts by 50%.

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