EU and US agree on tariff cuts for first time in two decates

The European Union and the United States announced on Friday an agreement to remove and reduce the tariffs they impose on a number of products.

With the first negotiated rate cut in more than two decades, the two blocs are putting aside the disputes of recent months and sending a signal of reconciliation that aims for continuity.

The joint statement signed by US Trade Representative Robert Lighthizer and European Trade Commissioner Phil Hogan says: "We intend this package of tariff reductions to mark only the beginning of a process that will lead to additional agreements,"

Both sides encompass this step in an attempt to "improve US-EU relations".