9/8/2020, 1:04 PM (Source: TeleTrader)
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Commission approves EU-US tariffs reduction deal

The European Commission proposed on Tuesday to the European Parliament a tariffs reduction regulation that would bring an additional €200 million per year in trade between the European Union and the United States.

Under the agreement reached in August, the EU will scrap duties on certain imports from the US, while Washington is going to lower duties on certain exports to the country's market.

"This deal provides both sides with a true win-win outcome, helping us to strengthen our partnership even further. Lowering tariffs on both sides improves access for our exporters and reduces the cost of imported goods. Those are both critically important factors in this time of coronavirus-related economic crisis," Executive Vice-President Valdis Dombrovskis commented on the agreement.

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