EU reaches provisional deal to implement tariff elements of US trade agreement

European Union institutions reached a provisional agreement late Tuesday on two regulations designed to implement the tariff-related elements of the EU-US Joint Statement of 21 August 2025, marking a key step toward formalizing parts of the transatlantic trade package and reinforcing economic ties between the two partners.

The deal, struck between the Council Presidency and the European Parliament, aims to ensure a more stable and predictable trade relationship between the EU and the US while embedding safeguards that allow the EU to respond if its economic interests are threatened.

The Greek Cypriot Administration's Energy, Commerce and Industry Minister Michael Damianos said the agreement confirms the EU’s role as a reliable trade partner.

"Maintaining a stable, predictable and balanced transatlantic partnership is in the interest of both sides. Today, the European Union delivers on its commitments," Damianos said in the statement.

The first regulation removes remaining customs duties on US industrial goods and expands preferential access for selected American exports, including through tariff rate quotas and reduced tariffs on certain seafood products and non-sensitive agricultural goods, according to the statement.

A second regulation extends the suspension of duties on lobster imports, including processed lobster.

The provisional agreement must still be formally endorsed by both the Council and the European Parliament after legal and technical finalization. Once adopted, the regulations will enter into force the day after publication in the Official Journal. The lobster-related measure will apply retroactively from Aug. 1, 2025.