This article is part of the “Trade Pills” series, a column that provides brief, periodic updates on trade and sanctions-related topics.
1. Council Final Approval of Tariff Commitments Under the Joint Statement
On 30 June 2026, two regulations implementing the tariff commitments set out in the EU-US Joint Statement of 21 August 2025 (the “Statement”) were published in the Official Journal of the European Union. The two regulations implement the EU tariff reductions provided for in point 1 of the Statement.
Regulation (EU) 2026/1455 (“main regulation”) eliminates the remaining EU customs duties on US industrial goods and grants preferential market access, including through tariff-rate quotas and reduced duties for certain US fishery products and selected agricultural goods. Regulation (EU) 2026/1461 (“second regulation”) extends the suspension of duties on imports of lobster from all countries under most-favored-nation treatment.
Both regulations introduce suspension mechanisms enabling the Commission to withdraw tariff preferences should the United States fail to honor its commitments, jeopardize the objectives of the Statement, or otherwise undermine balanced trade relations. In addition, the main regulation introduces a safeguard mechanism enabling the Commission to intervene in the event of significant import surges that cause or threaten to cause serious harm to EU industry.
The main regulation will cease to apply at the end of 2029. By 30 June 2029, the Commission shall submit a comprehensive assessment of the impact of the regulation on EU-US trade flows, tariff revenues, and economic effects, accompanied by a legislative proposal to extend its application, where appropriate. The second regulation applies retroactively from 1 August 2025 and will expire on 31 July 2030, absent further action; the Commission shall submit an assessment of its effects by 31 January 2030.
For further information, please see the text of Regulation (EU) 2026/1455, available at the following link: Regulation – EU – 2026/1455 – EN – EUR-Lex and the text of Regulation (EU) 2026/1461, available at the following link: Regulation – EU – 2026/1461 – EN – EUR-Lex.
2. U.S. Customs: CBP Expands IEEPA Refund System
On 29 June 2026, U.S. Customs and Border Protection (“CBP”) expanded the Consolidated Administration and Processing of Entries (“CAPE”) system, the official mechanism through which importers may claim refunds of duties paid under the International Emergency Economic Powers Act (“IEEPA”).
The update extends CAPE eligibility to entries that were previously excluded because they were flagged for a subsequent reconciliation procedure. Importers and authorized customs brokers may now include such entries in their CAPE refund requests, provided that the reconciliation filing has not yet been submitted.
Entries for which reconciliation has already been filed remain ineligible at this stage, though CBP has indicated they will be addressed in a future phase of the system.
For further information, please see CBP’s bulletin, available at the following link: link.
