The “mini tariff” settlement reached between the EU and the USA in August this yr was accredited by the Council of the European Union on the 18th. Whether it is subsequently accredited by the European Parliament, it can solely be a matter of time earlier than the settlement takes impact.
The European Council issued an announcement on the identical day to tell this resolution. The “mini-tariff” settlement is the primary tariff discount and exemption settlement reached by Europe and the USA in additional than 20 years. As soon as it takes impact, the EU will abolish the tariffs on lobster exported from the USA and the USA will halve the tariffs on processed meals, crystal glass, lighters and different merchandise exported to the USA.
Based on the settlement, the time for tariff discount and exemption between the 2 events can be calculated from August 1 this yr and can be legitimate for five years. The annual US commerce quantity concerned is about 110 million U.S. dollars and the European commerce quantity concerned is about 160 million U.S. dollars every year.