Remainers have celebrated the new deal, which the EU claims is the first of its kind between the two sides in 20 years, with likes of LBC’s James O’Brien mocking Brexiteers over the pact. The deal will see the US half tariffs on some EU exports into the country, while Brussels would scrap tax levies on live and frozen lobster in return. But the brutal truth of the deal, pro-Brexit group Facts4EU claim, is that Brussels pact “covers the exports of certain prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lights and lighter parts” and covers just 0.023 percent of all EU exports to the US.
The new Tariff Agreement was announced by EU Trade Commissioner Phil Hogan, who said the agreement “will increase market access for hundreds of millions of dollars in US and EU exports.
Confirming the pact, the EU Trade’s official Twitter account added: “We have a deal. The EU and the US have agreed on a significant tariff reduction, the first in more than 20 years.
“The agreement eliminates or reduces tariffs for €168million (£150m) in EU and US exports.”
But Facts4EU argue that this just covers a small chunk of the value of all EU exports to the US, which sits at $684,000million (£493,000m) per year.
The data, the group says, comes from 2018 Office for the United States Trade Representative, and means the new deal only covers 0.023 percent of all EU exports to the US.
Reflecting on its findings, the group added: “Once again the EU Commission is trumpeting its prowess at doing trade deals.
“In this case the deal with the United States is so tiny it will not even register on the majority of EU27 countries’ own export figures, let alone the EU’s collective figures.
“In the meantime, the EU has an opportunity to do a quick trade deal with a large country on its doorstep, its second-largest export market, and a country with whom it has a massive trade surplus.
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Announcing the deal, Mr Hogan added: “As part of improving EU-US relations, this mutually beneficial agreement will bring positive results to the economies of both the United States and the European Union.
“We intend for this package of tariff reductions to mark just the beginning of a process that will lead to additional agreements that create more free, fair, and reciprocal transatlantic trade.”
Previously, US President Donald Trump has been enraged by Europe and its ability to import tariff-free Canadian lobsters as part of a pact with Canada.
The Canadian deal saw a major downturn in US seafood sales to the bloc, which reports suggest was said to be worth over £85million ($111m) since 2017.