EU implements tariff cuts on US industrial and farm goods
Big news for EU-US trade: The European Union has officially rolled out tariff cuts promised in last year's joint statement.
This means no more EU customs duties on US industrial goods, lower tariffs overall, and special access for some American seafood and farm products, including a suspension of lobster import duties until 31 July 2030.
EU US deal includes safeguards
The deal aims to make trading easier and cheaper for businesses and consumers on both sides of the Atlantic.
But the EU is keeping things fair: if imports suddenly spike or if the US doesn't stick to its promises, there are safeguards ready.
Cyprus's Minister of Energy, Commerce and Industry, Michael Damianos summed it up nicely, saying these steps show a "strong signal" that openness can go hand-in-hand with protecting local jobs.
Agreement runs through 2029, review planned
This agreement runs through 2029, with a review planned before then.
With EU-US trade already topping €1.7 trillion in 2025 (nearly 30% of global trade), this move is set to make their partnership even stronger.