CYPRadar 🇨🇾💰 EU Council Approves Legislation to Boost and Safeguard Transatlantic Trade with US
The Council of the European Union has approved two key pieces of legislation designed to enhance trade between the EU and the United States while safeguarding European interests. The new measures eliminate tariffs on all US industrial goods entering the European single market and offer preferential market access for certain seafood and agricultural products until the end of 2029.
Commerce Minister Michael Damianos emphasized the importance of a strong, open transatlantic partnership balanced with protection for European businesses and workers. The legislation empowers the European Commission to suspend tariff preferences if the US maintains tariffs above 15% on EU steel and aluminum products, with a report on compliance expected by December 1.
Additionally, zero tariffs on US lobster and processed lobster are extended until July 2030. These regulations follow a 2023 agreement between the EU and the US and have been endorsed by the European Parliament as essential tools for maintaining stable trade relations and enabling swift responses if the US fails to uphold the deal.
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