The European Union said on Wednesday that it had reached a "provisional agreement" on a part of its trade deal with Washington, moving further towards ratification.
The agreement allows the bloc to remove duties on US industrial goods and grant preferential market access and reduced tariffs for certain US seafood and agricultural products. It's part of a trade pact reached between the US and EU last summer in Turnberry, Scotland, under which Washington agreed to cap tariffs on most EU goods at 15%.
"Today, the European Union delivers on its commitments. We are and will remain a trusted and reliable partner in global trade," said Michael Damianos, Cyprus' trade minister. The provisional agreement followed US President Donald Trump's threat earlier this month to raise tariffs on European cars to 25%.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.