The U.S. and the European Union announced that they’ve agreed on a Framework of an Agreement on Reciprocal, Fair, and Balanced Trade.
Among the key terms, the EU intends to eliminate tariffs on all U.S. industrial goods and provide preferential market access for a wide range of U.S. seafood and agricultural goods, including dairy products, fresh and processed fruits and vegetables, soybean oil, pork, and other products.
The U.S. commits to applying the higher of either the U.S. Most Favored Nation Tariff Rate or a tariff rate of 15 percent, comprised of the MFN tariff and a reciprocal tariff, on originating goods from the European Union.
Among some of the other commitments, the U.S. and EU share one of the world’s largest economic relationships. European companies commit to invest an additional $600 billion across strategic U.S. sectors through 2028. They’ll also work to eliminate tariff and non-tariff barriers.
The White House stated the Framework Agreement aims to resolve trade imbalances and maximize the U.S. and EU’s combined economic power in an ongoing process to improve market access and increase the U.S.-EU trade and investment relationship.
National Pork Producers Council President Duane Stateler, an Ohio pork producer, thanked the administration for including U.S. pork, saying, “America’s pork producers are encouraged by the specific inclusion of pork in the U.S.-EU framework to address tariff and non-tariff barriers to trade.”
For decades, the pork trade between the U.S. and the EU has been weighted to favor EU interests. In 2024, the U.S. exported $7 million worth of pork products to the EU while importing over $709 million from the EU.
The U.S. currently exports more pork to Honduras than to the 27 countries in the EU.
