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.
- EU will eliminate tariffs on imports of U.S. live and frozen lobster products.
- The U.S will reduce 50% tariff rates on certain products exported by EU, including certain prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lighters and lighter parts.
The tariff elimination and reductions will be on a Most Favored Nation (MFN) basis, retroactive to begin August 1, 2020.
The joint statement can be found here: