US and EU agree on first duty cut in 20 years

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US and EU agree on first duty cut in 20 years

US and EU agree on first duty cut in 20 years

Tariff cuts will affect American lobsters, European food, dishes, rocket fuel and a number of other goods

The United States and the European Union signed an agreement on Friday for a package of tariff cut measures that will expand access to US and EU export markets by hundreds of millions of dollars. This is the first duty cut agreed between the US and the EU in more than two decades. This was announced by US Trade Representative Robert Lighthizer and European Union Trade Commissioner Phil Hogan..

According to the text of the statement, the EU will abolish duties on imports of live and frozen lobsters from the United States. In 2017, more than $ 111 million worth of lobsters were exported to the European Union from the United States. The EU will retroactively remove these tariffs on a most favored nation (MFN) basis starting August 1, 2020. These duties will be canceled for five years, and the European Commission will immediately begin procedures to ensure that such changes are permanent..

US and EU agree on first duty cut in 20 years

The United States will cut its duties by 50% on certain products imported from the EU at an average annual value of $ 160 million, including certain culinary convenience foods, certain types of crystal glassware, surface treatments, rocket fuel, cigarette lighters.

The reduction in US duties will also be made on a most favored nation basis, retroactively from August 1, 2020.

“As part of improving relations between the EU and the United States, this mutually beneficial agreement will bring positive results to both the American and European economies. We would like this package of duties to mark just the beginning of a process that will lead to complementary agreements creating freer, more equitable and reciprocal transatlantic trade, ”said Ambassador Lighthizer and Commissioner Hogan..

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