The International Trade Council (ITC) welcomes the news that the European Union has agreed to eliminate tariffs on US lobster, a key priority of President Donald Trump, in exchange for the US halving import taxes on some $160m worth of European goods, including cigarette lighters and certain crystal glassware. The agreement is the first tariff reduction the two economic heavyweights have agreed in more than two decades.
"This is a positive development for transatlantic trade and demonstrates that the US and EU can work together to find mutually beneficial solutions to trade issues," said the ITC's Director General. "We hope that this agreement will mark just the beginning of a process that will lead to additional agreements that create more free, fair, and reciprocal transatlantic trade."
The ITC acknowledges that the US and EU remain at odds on numerous trade issues, including tariffs on foreign steel and aluminium, European taxes on tech giants, and subsidies for Boeing and Airbus. The ITC calls on both sides to continue to work together to find solutions to these issues that promote economic growth and innovation while respecting the principles of free and fair trade.
The ITC urges affected businesses to work with their legal advisers to ensure that they comply with the new tariff arrangements and take advantage of new trade opportunities.