On 8 September 2020 the European Commission published a proposal for a Council and European Parliament regulation to scrap duties on certain imports to the EU.
In return, the United States will reduce its duties on certain EU exports to the U.S. market. This puts into effect the agreement announced by the EU and the U.S. on 21 August 2020. These tariff reductions between the EU and the U.S. will increase access to both EU and U.S. markets by around 200 million EUR per year.
Once approved in line with the relevant procedures on either side of the Atlantic, the agreement will entail the reduction of U.S. tariffs on EU exports worth some 160 million USD a year. This includes prepared meals, crystal glassware, surface preparations, propellant powders, lighters and lighter parts. On its side, the EU will eliminate tariffs on imports of U.S. live and frozen lobster products. U.S. exports of these products to the EU are worth some 111 million USD.
Both sides will eliminate those tariffs on a most-favoured nation (MFN) basis, i.e. for any partner, in line with the existing multilateral commitments. The measures applied with retroactive effect on 1 August 2020.