Posted by Wayne G. Barber
New trade deal brings hope for Maine lobstermen
After a rough year for Maine's lobster industry, there is some hope on the horizon.
BRUSSELS, Brussels —
It has been a rough year for the Maine lobster industry, but Thanksgiving provided some very welcomed news.
The European Union parliament on Thursday approved a mini trade deal with the United States, which includes the elimination of customs duties on U.S. lobster imports. The passage with 638 votes for, 45 against and 11 abstentions was the last major political step for the deal to come into effect.
As a result, the 27-nation EU will drop its 8% tariff on U.S. lobsters for the next five years and work to make the move permanent.
U.S. lobster imports to the EU came to about $111 million in 2017 before falling off in the face of rising tensions between the trading partners, and an EU trade agreement with Canada that allowed its lobsters to enter the bloc tariff-free.
Because of it, said EU legislator Bernd Lange, “we have seen a drop in demand by 50% in Maine, which is obviously quite serious. So now we are making an offer to allow American lobster to come tariff-free into the EU.”
For its part, the U.S. agreed to cut in half tariffs on EU imports worth about $160 million a year, including some prepared meals, crystal glassware and cigarette lighters. The tariff cuts will be retroactive to Aug. 1.
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