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In a significant development for transatlantic trade relations, the United States and the European Union have reached a settlement regarding tariffs, as announced by top officials from both sides on [announcement date]. This agreement comes after months of intense negotiations and signals a major step towards reducing trade tensions between the world's two largest economies.

The key points of the tariff settlement include reciprocal tariff reductions across a range of products. The EU has agreed to eliminate tariffs on imports of U.S. live and frozen lobster products. In 2017, U.S. exports of these products to the EU amounted to over $111 million. The EU's tariff elimination will be on a most favored nation (MFN) basis and will be retroactive, starting from August 1, 2020, for a period of five years. Subsequently, the European Commission will initiate procedures to make these tariff changes permanent.

On the U.S. side, it will reduce by 50% its tariff rates on certain products exported by the EU, which have an average annual trade value of $160 million. These products include certain prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lighters, and lighter parts. Similar to the EU's measures, the U.S. tariff reductions will also be implemented on an MFN basis and will take effect retroactively from August 1, 2020.

This tariff settlement is expected to have a positive impact on both economies. "As part of improving EU - US relations, this mutually beneficial agreement will bring positive results to the economies of both the United States and the European Union. We intend for this package of tariff reductions to mark just the beginning of a process that will lead to additional agreements that create more free, fair, and reciprocal transatlantic trade," said U.S. Trade Representative Robert Lighthizer and EU Trade Commissioner Phil Hogan in a joint statement.

The negotiation process leading to this settlement has been long - standing. In 2019, at the direction of President Donald J. Trump, the United States completed formal procedures to launch negotiations on a trade agreement, paralleled by the European Commission. In September 2018, Ambassador Lighthizer consulted with members of Congress on the Trump administration's interest in starting trade negotiations with the EU. On October 16, 2018, the Office of the United States Trade Representative officially notified Congress of President Trump's intention to initiate such negotiations. On January 11, 2019, following consultations with Congress and a public comment period from U.S. stakeholders, the Trump administration issued formal U.S. negotiating objectives for the EU. The agreement announced today is the result of continuous engagement between the U.S. and the EU on these crucial trade issues.

Businesses on both sides of the Atlantic have welcomed the news. U.S. lobster exporters are looking forward to increased market access in the EU, while EU producers of the products subject to reduced U.S. tariffs anticipate higher sales in the American market. However, some analysts caution that while this tariff settlement is a positive development, there are still other trade - related issues, such as regulatory harmonization and non - tariff barriers, that need to be addressed in future negotiations to fully realize the potential of transatlantic trade.

The tariff settlement between the U.S. and the EU not only provides relief to businesses but also sets a positive precedent for future trade negotiations, both bilaterally and in the global context. It remains to be seen how this agreement will influence other ongoing trade discussions and whether it will encourage further cooperation on trade - related matters between the two economic powerhouses.