Both sides agreed that the EU will remove its tariffs on lobsters for all World Trade Organization members, in exchange for the U.S. scrapping its WTO tariffs on goods for which EU companies have a larger market share, such as cigarette lighters and certain processed meals.
The deal was intended as a peace offering to outgoing U.S. President Donald Trump, who repeatedly complained about the EU’s tariffs on lobsters. American lobster exporters have been at a disadvantage compared with their Canadian competitors since the EU scrapped tariffs on Canadian fresh and frozen lobster as part of CETA.
The deal was already endorsed by the European Parliament in November.
European Trade Commissioner Valdis Dombrovskis welcomed the proclamation as a “transatlantic win-win,” saying that “this deal will boost trade for both sides and sends a positive signal for finding other areas of common ground in 2021.”
View original post