U.S., EU agree to cut duties for first time in 20 years

By | August 22, 2020
U.S., EU agree to cut duties for first time in 20 years

The European Union and the United States have signed an agreement, which will begin retroactively, from August 1.
The United States and the European Union have signed an agreement to reduce duties, extending access to U.S. and EU export markets by hundreds of millions of dollars. This is reported by Voice of America on Saturday, August 22.

This agreement between the U.S. and the EU was the first reduction of duties in more than 20 years.

The EU will now abolish duties on imports of live and frozen lobsters from the US. In 2017, more than $111 million worth of lobsters were exported to the European Union from the United States.

The EU will also abolish these tariffs on the basis of the most favored retroactively favored regime, starting on August 1, 2020. These fees are abolished for five years and the EC will immediately begin procedures to ensure that such changes are permanent.

In turn, the U.S. will reduce by 50% its duties on certain products imported from the EU, an average annual cost of 160 million dollars, including certain culinary semi-finished products, some types of crystal utensils, surface preparations, rocket fuel, cigarette lighters.

Earlier, the U.S. abolished some of the duties on Chinese goods. Exceptions were imposed on more than thirty categories of goods totaling $300 billion. They will be in effect until the autumn.

It was also reported that the U.S. for a time removed duties on 146 Chinese goods. Some of these products are produced only in China. The list also includes food, car mirrors, and children’s chairs.

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