The Council of the EU under the Cyprus Presidency and the European Parliament reached a deal in the early hours of Wednesday morning in Strasbourg to implement tariff elements of EU-US Joint Statement, known as the Turnberry agreement, paving the way for stabilising the transatlantic trade relationship.
The agreement covers two regulations proposed by the European Commission on 28 August 2025. The first eliminates remaining customs duties on US industrial goods and grants preferential market access for certain US seafood and non-sensitive agricultural products. The second extends the duty suspension on lobster imports, with retroactive effect from 1 August 2025.
A central element of the agreement is a robust safeguard mechanism: where three or more member states, European industry or trade unions submit a substantiated request, the Commission may launch an examination into potential serious injury to EU producers.
A sunset clause is also introduced, set to expire at end of 2029, while the conditions for suspending — in whole or in part — the application of the regulations are reinforced in the event the US fails to honour its commitments. On steel and aluminium specifically, the Commission gains the power to suspend concessions if the US continues to apply a tariff rate above 15% beyond 31 December 2026.
"The EU and the US share the largest and most integrated economic relationship in the world. Maintaining a stable, predictable and balanced transatlantic partnership is in the interest of both sides," Minister of Energy, Commerce and Industry of Cyprus Michalis Damianos, speaking on behalf of the Council Presidency.
Today, he added, "the European Union delivers on its commitments. We are and will remain a trusted and reliable partner in global trade. We have ensured in our agreement robust safeguards to protect European interests, businesses and workers."
Leading the negotiations on behalf of Cyprus Presidency was the Permanent Representative to the EU, Christina Rafti.
"A deal is a deal, and the EU keeps its commitments," European Commission President Ursula von der Leyen wrote in a post, welcoming the agreement reached by the European Parliament and the Council on reducing tariffs for US industrial exports to the EU. "This means we will soon deliver our part of the EU-US Joint Statement, as promised."
"I now call on the co-legislators to move quickly and complete the process," the Commission President added. "Together, we can ensure stable, predictable, balanced and mutually beneficial transatlantic trade," she concluded, posting early on Wednesday morning.
"A significant success for the European Parliament — the European Commission's proposal has been improved on key points," said Parliament's chief negotiator and Chair of the Committee on International Trade, Bernd Lange.
"The demands for a stronger safety net have been taken into account," he added, assessing that "the initial blind flight has been averted," referring to the addition of clear guiding principles that led Parliament to back the deal.
"The EU has once again shown that we are a reliable enough trading partner that keeps its commitments," said EU trade chief Maroš Šefčovič, as he left the negotiating room at the European Parliament in Strasbourg.
The EU-US bilateral trade relationship accounts for nearly 30% of global trade in goods and services and 43% of global GDP, with bilateral trade having doubled over the last decade to reach around €1.7 trillion in 2024. As the EU Council notes, this deep and comprehensive partnership is underpinned by mutual investment: in 2023, EU and US firms held over €4.7 trillion in investments in each other's markets.
The agreement must be formally endorsed and adopted by both institutions before publication in the Official Journal. The regulations enter into force the day following their publication.
CNA/EK/EPH/2026
ENDS, CYPRUS NEWS AGENCY
