To increase trans-Atlantic market access US, EU announce tariff agreement

The US and the European Union (EU) have announced a tariff arrangement on lobsters and…

The US and the European Union (EU) have announced a tariff arrangement on lobsters and other items in a bid to improve trans-Atlantic market place accessibility, dubbed as “the “initial negotiated reductions in obligations” among the two sides “in much more than two many years”.

Underneath the arrangement announced on Friday, the EU will do away with tariffs on imports of dwell and frozen lobster American items for five years, retroactive to start out August one, Xinhua information company quoted the Business office of the US Trade Consultant (USTR) as saying.

US exports of these items to the EU amounted to around $111 million in 2017.

As part of the arrangement, the US will minimize by fifty for each cent its tariff fees on certain items exported by the EU truly worth an regular annual trade value of $a hundred and sixty million, retroactive to August one.

These items include certain prepared meals, certain crystal glassware, surface area preparations, propellant powders, cigarette lighters and lighter elements.

“As part of strengthening EU-US relations, this mutually advantageous arrangement will bring optimistic outcomes to the economies of the two the United States and the European Union,” USTR Robert Lighthizer and EU Trade Commissioner Phil Hogan claimed in a joint assertion.

“We intend for this bundle of tariff reductions to mark just the beginning of a procedure that will lead to further agreements that build much more totally free, fair, and reciprocal transatlantic trade.”

The tariff arrangement will come as trade tensions among the US and the EU around plane subsidies and digital provider taxes have intensified in new months.

Right after the Environment Trade Group ruling on plane subsidies final year, the US had levied further tariffs on $seven.5 billion of European items.

–IANS

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