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U.S., EU announce tariff agreement on lobsters, other products

Christian Fernsby |
The United States and the European Union on Friday announced a tariff agreement on lobsters and other products in a bid to increase trans-Atlantic market access, calling "the first U.S.-EU negotiated reductions in duties in more than two decades."

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Under the agreement, the EU will eliminate tariffs on imports of U.S. live and frozen lobster products for five years, retroactive to begin Aug. 1, according to the Office of the U.S. Trade Representative (USTR). U.S. exports of these products to the EU amounted to over 111 million U.S. dollars in 2017.

As part of the agreement, the United States will reduce by 50 percent its tariff rates on certain products exported by the EU worth an average annual trade value of 160 million dollars, retroactive to Aug. 1. These products include certain prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lighters and lighter parts.

The United States and the European Union (EU) on Friday announced a tariff agreement on lobsters and other products in a bid to increase trans-Atlantic market access, calling "the first U.S.-EU negotiated reductions in duties in more than two decades."

Under the agreement, the EU will eliminate tariffs on imports of U.S. live and frozen lobster products for five years, retroactive to begin Aug. 1, according to the Office of the U.S. Trade Representative (USTR). U.S. exports of these products to the EU amounted to over 111 million U.S. dollars in 2017.

As part of the agreement, the United States will reduce by 50 percent its tariff rates on certain products exported by the EU worth an average annual trade value of 160 million dollars, retroactive to Aug. 1.

These products include certain prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lighters and lighter parts.


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