The U.S. and the European Union announced Aug. 21 “the first U.S.-EU negotiated reductions in duties in more than two decades.” The two sides said they intend this package “to mark just the beginning of a process that will lead to additional agreements that create more free, fair, and reciprocal transatlantic trade.”


According to a joint statement, the EU will eliminate its tariffs on imports of live and frozen lobster products. The EU imported $111 million worth of such goods from the U.S. in 2017, but press reports note that figure has subsequently decreased after Brussels started importing more lobster from Canada under a bilateral trade agreement.


In return, the U.S. will reduce by 50 percent its tariff rates on some prepared meals, crystal glassware, surface preparations, propellant powders, cigarette lighters, and lighter parts. The joint statement said U.S. imports of covered goods from the EU are valued at about $160 million annually.


Both sets of tariff reductions will be made on a most-favored-nation basis and will be retroactive to Aug. 1, 2020. The EU measures are slated to remain in effect for five years but the European Commission will promptly initiate procedures aimed at making the tariff change permanent.

Copyright © 2024 Sandler, Travis & Rosenberg, P.A.; WorldTrade Interactive, Inc. All rights reserved.

ST&R: International Trade Law & Policy

Since 1977, we have set the standard for international trade lawyers and consultants, providing comprehensive and effective customs, import and export services to clients worldwide.

View Our Services 


Cookie Consent

We have updated our Privacy Policy relating to our use of cookies on our website and the sharing of information. By continuing to use our website or subscribe to our publications, you agree to the Privacy Policy and Terms & Conditions.