On 20 May 2026, the Council of the EU and the European Parliament reached a provisional agreement on two regulations to implement the tariff-related elements of the EU‑US Joint Statement (August 2025). This represents a key step in fulfilling the EU’s commitments and strengthening the transatlantic trade relationship, with the aim of ensuring stability, predictability and balance in trade between the two partners. The EU-US trade factsheet on the topic is available at this link.

The agreement focuses primarily on removing remaining customs duties on US industrial goods and granting preferential market access for selected US exports. This includes the use of tariff rate quotas (TRQs) and reduced tariffs for certain seafood and non‑sensitive agricultural products. In parallel, a second regulation extends the suspension of tariffs on lobster imports, including processed products.

To address potential risks, the co‑legislators introduced a robust safeguard mechanism allowing the EU to react if imports from the US increase significantly and harm domestic producers. The European Commission can launch an investigation and, if justified, partially or fully suspend the tariff concessions. Additional provisions include reinforced suspension clauses and a sunset clause, ensuring the measures remain time‑limited and adaptable.

Overall, the deal is designed to protect EU economic interests while advancing trade liberalisation, providing the EU with tools to respond if commitments are not respected. At the same time, it reinforces the EU’s position as a reliable global trade partner and establishes a platform for continued cooperation with the US on tariff reductions and broader trade challenges.

Next steps involve the formal endorsement and adoption of the regulations by both institutions, after which they will enter into force. This will further solidify the implementation of the EU‑US trade framework and contribute to a more predictable transatlantic economic partnership.