Joint Statement of the United States and the European Union on a Tariff Agreement

Summary:

Joint Statement published on 21 August 2020 by the European Union (EU) and the United States of America (USA) concerning an agreement related to a package of tariff reductions aimed at increasing market access for exports from both sides. These were the first bilateral negotiated reductions in duties in over two decades.

Further information:

Under this agreement, the EU is to eliminate tariffs on imports of US live and frozen lobster products on a Most Favored Nation (MFN) basis. Tariffs are to be eliminated for a period of five years and the European Commission agreed to promptly initiate procedures aimed at making the tariff changes permanent. The United States agreed to reduce by 50% its tariff rates on certain products exported by the European Union, including certain prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lighters and lighter parts. This reduction is to be made on an MFN basis.

News

BBC News, 21/08/2020: US wins end of EU lobster tariffs in mini trade deal https://www.bbc.co.uk/news/business-53870136

The Irish Times, 21/08/2020: US and EU sign rare trade agreement to reduce tariffs on range of products https://www.irishtimes.com/business/economy/us-and-eu-sign-rare-trade-agreement-to-reduce-tariffs-on-range-of-products-1.4336055

The Wall Street Journal, 21/08/2020: Europe Lifts Tariffs on U.S. Lobsters https://www.wsj.com/articles/europe-lifts-tariffs-on-u-s-lobsters-11598029301

SeafoodSource, 21/08/2020: EU drops tariffs on US lobster https://www.seafoodsource.com/news/supply-trade/eu-drops-tariffs-on-us-lobster

Reuters, 21/08/2020: U.S. and EU hatch mini-deal to cut lobster, other tariffs https://uk.reuters.com/article/idUKKBN25H2L1

AP News, 21/08/2020: EU agrees to cut taxes on US lobsters in modest trade pact https://apnews.com/17c7e0c649762d058b5b6d432c00451e

Cyprus Mail, 22/08/2020: U.S. and EU hatch mini-deal to cut lobster, other tariffs https://cyprus-mail.com/2020/08/22/u-s-and-eu-deal/

CNBC, 24/08/2020: Deal over American lobster helps to ease U.S.-EU trade tensions https://www.cnbc.com/2020/08/24/deal-over-american-lobster-helps-to-ease-us-eu-trade-tensions.html

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Commentary and Analysis

PIIE Blog: Trade and Investment Policy Watch, 26/08/2020: EU lobster deal may be too little too late for Maine https://www.piie.com/blogs/trade-and-investment-policy-watch/eu-lobster-deal-may-be-too-little-too-late-maine

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