Office of the United States Trade Representative

Regional News • World
EU and US agree on tariff cuts for first time in two decates
Phil Hogan
Phil Hogan Credit: EU2017EE Estonian Presidency (Creative Commons Attribution 2.0)

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".