EU institutions have reached a provisional agreement on two regulations designed to implement the tariff-related elements of the EU-US Joint Statement of 21 August 2025.
It marks an important step towards formalizing parts of the transatlantic trade package and strengthening economic ties between the two partners.
The agreement, reached between the Council Presidency and the European Parliament, aims to ensure a more stable and predictable trade relationship between the EU and the US while instilling protection that allows the EU to respond if its economic interests are threatened.
The Minister of Energy, Trade and Industry of the Greek Cypriot Government, Michael Damianos, said the agreement confirmed the EU's role as a reliable trading partner.
"Maintaining a stable, predictable and balanced transatlantic partnership is in the interest of both parties. Today, the European Union fulfills its commitments," Damianos said, quoted by ANTARA from Anadolu, Wednesday, May 20.
The first regulation removes remaining import duties for US industrial goods and expands preferential access for certain American exports, including tariff quotas and tariff reductions for certain seafood products and non-sensitive agricultural goods, according to the statement.
The second regulation extends the suspension of import duties for lobsters, including processed lobsters.
The interim deal still needs to be formally approved by the Council and the European Parliament after finalizing legal and technicalities.
After being adopted, the regulation will take effect one day after publication in the Official Journal. The lobster-related step will take effect from August 1, 2025.
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