EU Considers Extending Duty-Free Lobster Deal Amidst Tariff Negotiations

The European Union is contemplating an extension of the duty-free lobster import deal with the U.S., originally established during Trump's presidency. This move is part of broader negotiations to alleviate U.S. tariffs on EU exports. Discussions continue, with both parties seeking a diplomatic resolution over a reciprocal tariff escalation.

The European Union is considering extending its agreement with the United States that allows duty-free imports of lobsters, amid ongoing tariff negotiations. This deal, which commenced in 2020 during Donald Trump's presidency, is set to expire on July 31.

The EU aims to mitigate escalating tariffs imposed by the U.S. on its exports, including a 25% import tax on steel, aluminum, and cars. The European Commission has proposed countermeasures worth up to 95 billion euros on U.S. goods, should tariff talks not conclude favorably.

Bernd Lange, chair of the European Parliament's trade committee, expressed support for the lobster deal's continuation, emphasizing its role in de-escalating trade tensions with the U.S. Officially, ongoing negotiations remain pivotal for the deal's future, with EU representatives committed to finding a diplomatic solution.

(With inputs from agencies.)