COUNCIL OF THE EUROPEAN UNION,EUROGROUP, update

 

Press material Wednesday, 20 May 2026

● Eurogroup   20/05/2026 09:01 | Meetings | Agenda highlights - Eurogroup, 22 May 2026   The Eurogroup will discuss the macroeconomic outlook for the euro area based on the Commission's spring forecast, including energy market trends. Ministers will also exchange views on housing affordability as a challenge to competitiveness and receive an update on the digital euro.   View meeting page ● General Secretariat of the Council   Think Tank Review 141 - May 2026   The results of the Hungarian elections, Ukraine’s integration into the EU, the EU budget’s new own resources, international carbon credits, the benefits and costs of website-blocking legislation, how Europe should respond to the Iran gas shock, US retrenchment, Europe’s place in the global permacrisis and the issue of the Strait of Hormuz are among the topics discussed in the present issue.   Read full post ● Council of the EU   20/05/2026 10:36 | Media advisory | Press briefing - Foreign Affairs Council (Trade) of 22 May 2026 and General Affairs Council of 26 May 2026   The press briefing ahead of the Foreign Affairs Council (Trade) and General Affairs Council will take place on Thursday, 21 May 2026 at 14.00. This briefing will be "off the record".  The press briefing will take place in a hybrid format: EU accredited journalists will be able to participate and ask questions either remotely or in person at the Europa building press room.  To attend the event remotely, please use the link below to register and have the possibility to ask questions. Those who already registered for previous press events of the Foreign Affairs Council and General Affairs Council do not need to do it again. Deadline for registration: Thursday, 21 May 2026 at 13.00 Further instructions will be sent to all registered participants shortly after the deadline. Meeting page - Foreign Affairs Council (Trade), 22 May 2026 Meeting page - General Affairs Council, 26 May 2026 Registration page Media accreditation for journalists   Visit the website

● Council of the EU   20/05/2026 03:05 | Press release | EU-US trade: Council and Parliament strike a deal to implement the tariff elements of the Joint Statement   Today, the Council presidency and the European Parliament reached a provisional agreement on two regulations aimed at implementing the tariff-related aspects of the EU-US Joint Statement, agreed on 21 August 2025. The agreement marks an important step in delivering on the commitments undertaken in the EU-US Joint Statement. It aims at enhancing a stable and predictable transatlantic trade relationship, while ensuring robust safeguards and preserving flexibility to be able to protect the EU’s economic interests, if needed. The Joint Statement is expected to serve as a platform to continue engaging with the US to lower tariffs and cooperate closely on shared challenges. “The EU and the United States share the world’s largest and most integrated economic relationship. Maintaining a stable, predictable and balanced transatlantic partnership is in the interest of both sides. Today, the European Union delivers on its commitments. We are and will remain a trusted and reliable partner in global trade. We have ensured in our agreement robust safeguards to be able to protect European interests, businesses and workers.” — Michael Damianos, Minister of energy, commerce and industry of the Republic of Cyprus The first (main) regulation eliminates remaining customs duties on US industrial goods and grants preferential market access including via tariff rate quotas (TRQs) and reduced tariffs for certain US seafood and non-sensitive agricultural products. The second regulation focuses on extending the duty suspension for imports of lobster, including processed lobster. Main elements of the agreement To ensure the effective implementation of the Joint Statement and protect the EU’s interests, the co-legislators agreed to strengthen the main regulation by setting up a robust safeguard mechanism, reinforcing the suspension clause provisions and introducing a sunset clause, among others. Some elements were mirrored in the second regulation concerning the imports of lobster. Robust safeguard mechanism The agreement includes a dedicated safeguard mechanism, which gives the EU the means to address possible significant increases in imports from the US that cause or threaten to cause serious injury to domestic producers. In particular, following a duly substantiated request from three or more member states, from the EU industry or trade unions, or upon its own initiative, the Commission will launch an examination to assess whether the increased imports have caused or threaten to cause serious injury to EU producers. Where there is sufficient evidence, the Commission may decide to suspend in whole or in part the application of the regulation. Reinforced suspension provisions Furthermore, the agreement reinforces the conditions under which the Commission is empowered to suspend in whole or in part the application of the regulation, via an implementing act. This may happen where the United States fails to meet the commitments of the Joint Statement, where the United States otherwise undermines the objectives pursued by the Joint Statement or disrupts the trade and investment relations with the EU, including by discriminating against or targeting EU economic operators. The suspension mechanism may also be triggered where there are sufficient indications that such actions may occur in the future. Furthermore, the Commission is empowered to suspend concessions concerning steel and aluminium products to the US if by 31 December 2026 the US continues to apply a tariff rate higher than 15% on steel and aluminium derivative products imported from the EU. Time-limited application The co-legislators agreed to introduce a sunset clause, under which the regulation will cease to apply at the end of 2029 unless further action is taken. Monitoring the impact of the measures The agreement provides for regular monitoring of the economic effects of the trade liberalisation measures on the EU's economy. Six months after the regulation enters into force, and every three months thereafter, the Commission will have to inform the co-legislators of changes in trade volumes and values of US exports to the EU of the goods covered by the regulation(s). Six months before the end date of application of the regulation, the Commission will present a comprehensive assessment examining, among other things, the impact of the regulation on the EU-US trade flows, on trade patterns, on tariff revenue, and, more specifically, the impact on SMEs. Where appropriate, this assessment will be accompanied by a legislative proposal to extend the application of the regulation. Next steps Once the texts have been finalised at technical level, the provisional agreement on both regulations will have to be endorsed and formally adopted by both institutions before being published in the Official Journal. The regulations will enter into force on the day following their publication. The second regulation concerning lobster imports will apply retroactively from 1 August 2025. Background The European Union and the United States have the largest bilateral trade and investment relationship and the most integrated economic relationship in the world, representing almost 30% of global trade in goods and services and 43% of global GDP. EU-US trade in goods and services has doubled over the last decade, amounting to around €1.7 trillion in 2024. This deep and comprehensive partnership is underpinned by mutual investment: in 2023, EU and US firms held over €4.7 trillion in investments in each other’s markets. Proposed by the European Commission on 28 August 2025, the two regulations will enact the EU's tariff reductions set forth in paragraph 1 of the EU-US Joint Statement of 21 August 2025. EU-US trade relations: Council moves forward in implementing the tariff elements of the Joint Statement (press release, 28 November 2025) EU-US Joint Statement EU-US trade deal explained (European Commission)   Visit the website ● European Council   19/05/2026 20:03 | Media advisory | Media advisory – Official visit to Guatemala of 20 May 2026   Indicative programme All times are approximate and subject to change (local time) Wednesday 20 May 10:00 Arrival and welcome ceremony (including official photo) 10:30 Bilateral meeting, Presidents Costa and Arévalo 10:50 Extended meeting 12:00 Press conference 13:00 State lunch At the end of the meeting (+/- 12:00) press conference in live streaming. Videos and photos of the events will be available on: Council Newsroom More information: President Costa visits Guatemala   Visit the website