The Associated Press reported that the European Parliament passed a supplementary agreement to the US trade agreement last Thursday, aiming to reduce tariffs on US lobster products exported to the EU to zero within five years.
Currently, the US Boston lobster is sold to the 27 EU countries with an 8% import tariff. In 2017, the European and American lobster trade reached a historical peak, with a transaction volume exceeding 110 million US dollars. Since Trump took office, bilateral trade relations have become tense, Canada has signed a free trade agreement with the European Union, and US lobster exports have plummeted.
European Union Member Bernd Lange said, "The demand for Maine lobster in the EU market has dropped by 50%, which is a serious problem. Therefore, we are now proposing a bill to allow American lobster to enter the European Union duty-free. "
In response, the United States agreed to cut tariffs on US$160 million in EU imports by 50%, including crystal glassware and lighters.
Although the new agreement only covers a small share of transatlantic trade, the EU still hopes that it will be symbolic. For the lobster industry that has been hit hard by the new crown crisis, every good news is encouraging.
Lange said that European and American trade have more in common than differences, and the abolition of lobster tariffs is a cooperation, not a confrontation.
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