EU and United States reduce export tariffs

The United States and the EU have reached an agreement on lowering reciprocal export tariffs. The countries have announced this in a joint declaration. According to the negotiators involved, this is a package worth hundreds of millions of euros. This is the first time in twenty years that the EU and the US have lowered their mutual export tariffs

The U.S. is lowering tariffs on, among other things, ready meals, crystal glassware and cigarette lighters by 50 percent. These products have an annual trade value of around 136 million euros. The EU has decided to abolish tariffs on live and frozen lobster products for the next five years. The lobsters have a trade value of about 95 million euros

First step

According to Leering, the reduction in tariffs should be seen primarily as an attempt by the EU to make the United States a little more favourable in other negotiations.