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The Council green-lights mini tariff package with the US

Nov 19, 2020 | VAT Updates

VAT Updates Europe

EU & USA the most important economic partnership in the world

New mini trade agreement! The trade in goods and services between the EU and the US is worth over €1.3 trillion annually, currently the EU Council has backed a mini tariff package of mutual concessions with the US. In a move to improve transatlantic trade relations, the EU will scrap customs duties on imports of lobsters. In return, the US will reduce its duties on certain EU products exported to the US. This tariff package is the first EU-US tariff reduction in two decades. The decision was adopted today by EU ambassadors and will now be communicated to the European Parliament, which will vote on the regulation in an upcoming plenary session.

Source Credit: Consilium.Europa.eu

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