The Union and the United States of America (the ‘United States’) have the largest and deepest bilateral trade and investment relationship in the world and have highly integrated economies. The two-way trade in goods and services between them is worth over EUR 1 trillion per year, which is approximately EUR 3 000 million per day. That close trade and investment relationship is beneficial for consumers, workers, businesses and investors.
(2)
The Union is committed to improving its trade and investment relationship with the United States. This includes finding new ways to improve the bilateral trade relationship, to address trade irritants and to resolve ongoing trade disputes. To avoid further disruption of that trade relationship, the customs duties applied by the Union to imports should be eliminated for a limited number of goods for a period of five years on an erga omnes basis.
(3)
The elimination of customs duties should be subject to the effective implementation by the United States of its announced reduction of customs duties on a selected number of goods and to the abstention by the United States from the introduction of new measures that would undermine the objectives pursued by the Joint Statement of the United States and the European Union on a Tariff Agreement of 21 August 2020 (the ‘Joint Statement’) (2).
(4)
The elimination of customs duties should apply from the same date as the effective implementation of the announcement of the United States regarding the reduction of its customs duties on a selected number of goods, namely from 1 August 2020.
(5)
In order to ensure uniform conditions for the implementation of this Regulation, implementing powers should be conferred on the Commission to temporarily suspend the application of this Regulation if the conditions set out in this Regulation are not complied with. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council (3).
(6)
In view of the urgency of avoiding further disruption of the trade relationship between the Union and the United States, this Regulation should enter into force immediately after its publication. For the same reason, it is also considered to be appropriate to provide for an exception to the eight-week period referred to in Article 4 of Protocol No 1 on the role of national Parliaments in the European Union, annexed to the Treaty on European Union, to the Treaty on the Functioning of the European Union and to the Treaty establishing the European Atomic Energy Community,
