Brussels: The European Commission proposed on Thursday removing duties on US industrial goods in return for lower US tariffs on EU cars.

According to Qatar News Agency, the proposals are part of the implementation of the framework agreement recently reached to settle ongoing trade disputes, following a historic accord last month in Scotland between European Commission President Ursula von der Leyen and US President Donald Trump.

The European Commission's statement outlined that tariffs on US industrial goods will be fully eliminated, while trade barriers will be reduced for a selection of US seafood and non-sensitive agricultural products. Additionally, the Commission plans to extend the tariff exemption on American lobster.

The agreement had introduced a basic 15% US tariff on goods imported from the EU and a retroactive reduction in tariffs on EU cars starting from the beginning of August, provided the EU initiates legislative procedures to ease the import of certain American products.

EU Trade Commissioner Maros Sefcovic emphasized today that ensuring the full implementation of the agreement is in the shared interest of both sides.

The proposals still require approval from the European Parliament and the EU's 27 member states before the tariff reductions on US goods can come into effect.