For the first time in more than 20 years, the US and EU on 21 August announced agreement to reduce tariffs on hundreds of millions worth of goods traded between the two trading partners. The package of tariff reductions will increase market access for both US and EU exports.

EU tariffs on lobster products imported from the US will be eliminated for a period of five years. After this period ends, the European Commission will initiate procedures to make them permanent. The United States in turn will reduce by 50 percent its tariff rates on certain products such as prepared meals, crystal glassware, cigarette lighters, surface preparation and propellants exported by the EU to the US. Both measures will be made on a Most Favored Nation (MFN) basis and retroactive to begin from 1 August 2020.