Key insights
- The USTR acknowledged the EU's progress in removing import duties on US goods, a step towards fulfilling the trade deal. However, the USTR emphasized the need for the EU to address non-tariff barriers and regulatory issues. The USTR will review amendments to ensure compliance. This development is mildly positive for US equities as it reduces trade tensions.
WASHINGTON, May 20 (Reuters) - The U.S. Trade Representative’s office on Wednesday welcomed the European Union’s provisional agreement on legislation to remove import duties on U.S. goods, but said Brussels also needed to address non-tariff barriers and regulatory matters identified in a trade deal struck between the two trading blocs last year.
USTR said it would also continue to review certain limiting amendments included in the EU legislation to "assess whether it complies with the Joint Statement."
The legislation agreed on Wednesday was aimed at fulfilling a key part of the trade deal reached with Washington in July and averting higher U.S. tariffs on some key EU products threatened by President Donald Trump earlier this month.