The European Union cancels tariffs on U.S. goods, helping Polon regain price competitiveness.

Based on the consensus reached by both parties on July 27, the European Union will lower tariffs on all U.S. seafood products, while the U.S. will set reciprocal tariffs on the EU at 15%. The EU also agreed to extend a bilateral agreement signed with the U.S. in 2020 (which expires on July 31), cancel tariffs on U.S. live and frozen lobsters (8%), and expand the zero-tariff range to include processed lobster products.

Additionally, the EU agreed to purchase $750 billion worth of energy products, $600 billion worth of AI chips, and invest $600 billion in various sectors in the U.S. by 2028. In return, the U.S. agreed to implement the most-favored-nation tariff rates on certain EU goods (including natural resources that the U.S. defines as unavailable, as well as other products critical to the economy and supply chain) instead of the 15% tariff, effective September 1. Both parties also agreed to simplify the sanitary certificate requirements for food products, especially pork and dairy products.

This agreement still needs to be voted on by the European Parliament. For U.S. and EU seafood traders, this agreement is of significant importance.

Last year, the U.S. exported 223,314 tons of seafood to the EU, worth $903 million; in 2024, the EU exported 101,892 tons of seafood to the U.S., worth $1.3 billion.

By export value, Alaska pollock, salmon, and lobsters are the top three U.S. seafood products exported to the EU, with pollock sales exceeding $318 million last year; salmon sales were approximately $113 million.

In 2024, the U.S. exported 3,895 tons of lobsters to the EU, worth $92.5 million. Since 2021, the annual lobster trade volume between the two parties has remained stable at around 4,000 tons.