Posted By Global Banking and Finance Review
Posted on May 22, 2025
(Reuters) -The European Union is open to extending a deal giving U.S. lobsters duty-free access as part of a broader package aimed at removing tariffs imposed by U.S. President Donald Trump, the Financial Times reported on Thursday, citing two officials.
The EU's current regulation eliminating customs duties for fresh and frozen lobsters from the U.S. expires on July 31. The lobster deal between the U.S. and EU was struck in 2020 during Trump's first term.
Bernd Lange, chair of the European parliament’s trade committee, told the FT that the lobster trade was not very economically important, but led to de-escalation from Trump. "[The deal] is expiring at the end of July. I’m really in favour of extending it."
The EU faces 25% U.S. import tariffs on its steel, aluminium and cars. It also faces tariffs of 10% for almost all other goods, a levy that could rise to 20% after Trump's 90-day pause expires on July 8.
The European Commission has proposed countermeasures on up to 95 billion euros ($107.60 billion) of U.S. imports if tariff negotiations with Washington fail.
The Commission has repeatedly said it would prefer a negotiated solution rather than tit-for-tat tariffs.
Reuters could not immediately confirm the report. The European Commission declined to comment to the FT and did not respond to a Reuters request for comment outside regular business hours.
($1 = 0.8829 euros)
(Reporting by Gursimran Kaur in Bengaluru; Editing by Kate Mayberry)