On August 21, 2020, the European Union and the United States reached an agreement on a bilateral reduction of customs duties that facilitates market access for European exporters and lowers the cost of imported goods. The agreement entered into force on the 16th of December 2020.
The agreement provides for a reduction in tariffs on certain EU exports with an annual value of $ 160 million such as ready meals, crystal objects, coatings, propellants, lighters and parts of lighters.
In return, the EU will eliminate duties on imports of US products made from live and frozen lobster. US exports of these products to the European Union amount to some $ 111 million. The elimination of tariffs will take place on a Most Favored Nation (MFN) basis.
For more information, please see here.