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Market Chatter: EU to Remove Import Duties on Many US Goods

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The governments of the European Union on Wednesday cleared legislation to remove import duties on several US goods, Reuters reported, citing an EU source with knowledge of their meeting.

Under a deal struck last July, the EU agreed to remove import duties on US industrial goods and grant preferential access to US farm and seafood exports, while accepting US tariffs of 15% on most EU goods, the report said.

The legislation, which puts in place those import duty reductions, still needs to be approved by the European Parliament, the report said. Its trade committee will hold an indicative vote on Tuesday, while a decision by the full EU assembly will take place in mid-June, Reuters said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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