An agreement struck between U.S. Trade Representative Robert Lighthizer and European Union Trade Commissioner Phil Hogan on Friday, 21 August will result in the E.U. eliminating the lobster tariffs on a Most-Favored Nation basis, retroactive to 1 August, 2020. In return, the United States will reduce by 50 percent its tariffs on a variety of products including prepared meals, glassware, propellant powders, cigarette lighters, and other products collectively valued at around USD 160 million (EUR 135.7 million). The U.S. tariff reductions will also be made on a Most-Favored Nation basis and are retroactive to 1 August.
The United States exported around USD 111 million (EUR 94.1 million) in lobster products to the E.U. in 2017
“As part of improving E.U.-U.S. relations, this mutually beneficial agreement will bring positive results to the economies of both the United States and the European Union,” Lighthizer and Hogan said in a joint statement. “We intend for this package of tariff reductions to mark just the beginning of a process that will lead to additional agreements that create more free, fair, and reciprocal transatlantic trade.”
In a statement, National Fisheries Institute President John Connelly said he applauded the two sides for reaching the agreement
Read more: EU drops tariffs on US lobster
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