After months of negotiations, the European Parliament and Council reached a provisional agreement on 20 May 2026 implementing the EU-US Joint Statement. Here is what matters for importers and exporters.
The deal in brief
The EU will eliminate tariffs on US industrial goods and grant preferential access for selected US agricultural and seafood products. In return, the US caps tariffs on EU exports at 15%, covering cars, pharmaceuticals, semiconductors and timber.
A zero-duty extension on lobster imports runs until 31 July 2030, retroactively from August 2025.
The agreement includes a sunset clause: the legislation expires on 31 December 2029, after which the Commission will review its effects.
What to watch
- HS classification matters: preferential rates apply to specific product categories only. Verify your GN codes against the published product lists.
- Safeguard mechanism: the Commission can suspend tariff preferences if US imports harm EU industry, or if the US continues applying tariffs above 15% on EU steel and aluminium after 31 December 2026.
- Plan for 2029: the sunset clause creates a defined review window. Long-term contracts should account for potential regulatory changes.
What’s next?
The provisional agreement still requires formal adoption. Full implementation is expected within weeks.
Questions about how this affects your product categories or supply chain?
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