Tariffs, EU: 'Agreement reached on trade deal with US'
Parliament and Council agreed on the two regulations that are to be used to put into practice the economic understanding that Washington and Brussels drew up last summer
by Beda Romano
FROM OUR CORRESPONDENT
BRUSSELS - On the night of 19-20 May, the Parliament and the Council finally reached an agreement on the two EU regulations that are to be used on the European side to put into practice the economic agreement that Washington and Brussels drew up last summer in an attempt to end trade tensions. The compromise between the two institutions includes safeguards and sunset clauses.
'The European Union and the United States enjoy the most important and most integrated economic relationship in the world,' the Cypriot EU presidency explained in a statement overnight. Maintaining a stable, predictable and balanced transatlantic partnership is in the interest of both sides. Today the EU stands by its commitments. We are and will remain a reliable and trustworthy partner in world trade'.
In essence, the first of the two regulations eliminates residual tariffs on US industrial products and provides preferential market access, including through tariff quotas and reduced duties for certain non-sensitive fish and agricultural products from the US. The second piece of legislation concerns the extension of tariffs suspension for lobster imports, including processed lobster.
The understanding between the Parliament and the Council required a long institutional negotiation. In its negotiating position, Strasbourg had introduced numerous clauses to protect European interests in the face of an American partner that has become much more unpredictable with the arrival of President Donald Trump in the White House. The agreement reached overnight includes a safeguard clause in the event of a sharp increase in imports from the United States.
