The European Commission has put forward two proposals paving the way for the implementation of the EU-US Joint Statement.
These steps, says the EU, contribute to restoring stability and predictability in EU-US trade and investment relations, “to the benefit of business, workers and citizens on both sides of the Atlantic.”
The first act concerns a proposal to eliminate tariffs on US industrial goods and provide preferential market access for a range of US seafood and non-sensitive agricultural goods.
The second one proposes to prolong the tariff-free treatment of lobster, now including processed lobster.
The Commission said on Thursday it will continue to engage with the US to lower tariffs, including in the context of negotiations on a future EU-US Agreement on Reciprocal, Fair, and Balanced Trade.
The Commission proposals constitute the necessary legislative step to enact the EU’s tariff reductions set out in the recent EU-US Joint Statement.
The EU Parliament and Council will now have to approve the two proposals under the ordinary legislative procedure before the EU’s tariff reductions can enter into force.
The EC said the US is expected to implement the agreed 15% US tariff ceiling to EU cars and car parts.
These tariff reductions from 27.5% to 15% are expected to be effective from the first day of the same month in which the European Union’s legislative proposals are introduced, i.e. 1 August 2025.
This, said the EU, will save car makers more than €500 million in duties that would have otherwise been paid for exports in one month only.
The US also committed to zero or near to zero tariffs on certain product categories for which only the most-favoured nation (MFN) tariff will apply, starting on 1 September (unavailable natural resources, including cork, all aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors). Both sides have agreed to work on expanding this list further.
On 21 August the EU and the US issued a statement on transatlantic trade and investment.
This Joint Statement confirms and builds on the political agreement reached by President Ursula von der Leyen and President Donald Trump on 27 July.
The EU legislative proposal covers all the commitments taken by the EU in Section 1 of the EU-US Joint Statement and demonstrates our joint willingness to continue cooperating towards restoring stability and predictability in EU-US trade and investment.
The transatlantic partnership is a key artery of global trade and is the most significant bilateral trade and investment relationship in the world. EU-US trade in goods and services has doubled over the last decade, surpassing €1.6 trillion in 2024, with €867 billion of trade in goods and €817 billion of trade in services. That is over €4.2 billion of goods and services crossing the Atlantic every day.
This deep and comprehensive partnership is underpinned by mutual investment. In 2022, EU and US firms invested €5.3 trillion worth in each other’s markets.
