12:01 AM EDT, 05/20/2026 (MT Newswires) -- The European Council and Parliament on Wednesday secured a provisional agreement to implement the bloc's tariff deal with the US. In line with the European Union-US joint statement agreed on Aug. 21, 2025, the EU will remove remaining customs duties on US industrial goods and provide preferential market access for certain US seafood and non-sensitive agricultural products. The duty suspension for lobster imports, including processed lobster, will also be retroactively extended from Aug. 1, 2025. A safeguard mechanism allows the European Commission to partially or completely suspend the implementation in case sufficient evidence shows "serious injury" to domestic producers from significant increases in imports. The commission may also halt concessions for steel and aluminum products to the US if the latter continues to levy over 15% tariffs by Dec. 31, 2026. The new regulation will cease to apply at the end of 2029, unless further action is taken.

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