The new trade agreement between China and the EU has eliminated tariffs on U.S. seafood and lobster.

According to the agreement, the European Union will cancel tariffs on all U.S. industrial products and provide "preferential" market access for various U.S. seafood and agricultural products.

The statement also noted that the new framework includes an extension clause for an agreement that expired on July 31, which had canceled EU tariffs on U.S. live lobsters. The updated agreement expands the scope of market access to include processed lobster products.

Meanwhile, the U.S. has agreed to apply the U.S. most-favored-nation (MFN) tariff rates and a composite rate (consisting of the MFN tariff and a reciprocal tariff, with a rate of 15%) to goods originating from the EU, whichever is higher.

Since 2019, U.S. imports of seafood from the EU have increased year by year, with the import value growing by over 100%, reaching an increase of 113.6%, and all categories showing growth trends.

The largest imported varieties are salmon (accounting for 55% of the total value) and octopus (12%), followed by sea bass (8%), tuna (6%), and Antarctic toothfish (5%).