BRUSSELS, Aug 29 — The European Commission presented proposals for implementing its recently concluded trade agreement with the United States (US), which includes a retroactive reduction in tariffs on European Union (EU) cars in return for improved access for US goods to the European market, reported the German News Agency (dpa).
Tariffs on US industrial goods are to be eliminated, while trade barriers for "a range of US seafood and non-sensitive agricultural goods" are to be reduced, according to a statement by the European Union's executive arm on Thursday.
Meanwhile, the commission plans to extend a tariff exemption for US lobster.
The EU and the US reached a framework agreement to settle ongoing trade disputes last week, following the landmark deal reached last month in Scotland between European Commission President Ursula von der Leyen and US President Donald Trump, which set out a baseline 15 per cent US tariff on goods from the EU.
The August 21 declaration states that the US will lower its car tariffs retroactively from the beginning of the month, provided the EU initiates the legislative process to ease imports of certain US products.
"It is in our mutual interest that both sides honour their commitments and ensure full implementation of the agreement," EU Trade Commissioner Maroš Šefčovič said in the statement.
The proposals will still need to be approved by the European Parliament and the 27 EU member states before the cuts to tariffs on US goods can come into effect.
