In July 2018, the presidents of the United States and the European Commission agreed to resume trade negotiations on a “TTIP light” agreement, after Donald Trump threatened to introduce tariffs on European cars. The EU was tasked with negotiating a limited agreement (on the abolition of tariffs on industrial products, excluding agricultural products and on compliance assessment), while the US wanted a broader agreement including agriculture. The European Commission today published a proposal for a Council and European Parliament regulation abolishing tariffs on certain imports into the EU. In return, the United States will reduce its tariffs on certain EU exports to the U.S. market. The agreement announced by the EU and the United States will enter into force on 21 August 2020. These tariff reductions between the EU and the US will increase access to EU and US markets by around `200 million euros per year` Economic barriers between the EU and the US are relatively low, not only because of long-standing membership of the World Trade Organization (WTO), but also because of recent agreements such as the EU-US Open Skies Agreement and the work of the Transatlantic Economic Council. The European Commission says the adoption of a transatlantic trade pact could boost overall trade between the various blocs by up to 50%.  The economic benefits of a trade agreement were predicted in the joint report of the White House and the European Commission.  In March 2013, an economic assessment by the European Centre for Economic Policy Research predicts that, by 2027, such a comprehensive agreement would lead to GDP growth of 68 to 119 billion euros for the European Union and GDP growth of 50 to 95 billion euros (about 53.5 to 101 billion dollars) in the United States over the same period. The 2013 report also estimates that a limited agreement, focused solely on tariffs, would generate EU GDP growth of 24 billion euros by 2027 and growth of 9 billion euros in the United States. If the most optimistic GDP growth estimates were evenly distributed among those affected, this would result in an “additional annual disposable income for a family of four” of “545 euros in the EU” and “655 euros in the United States”.
 Negotiations were expected to be concluded by the end of 2014, but according to economist Hosuk Lee-Makiyama, at least four or five years of negotiations remained at the end of the year.  In November 2014, the Bulgarian government announced that it would not ratify the agreement unless the United States lifted the visa requirement for Bulgarian citizens.  Karel De Gucht responded to the criticisms made in a Guardian article in December 2013 with the following: “The Commission has regularly consulted in writing and personally a wide range of civil society organisations, and our last meeting brought together 350 participants from trade unions, NGOs and businesses and that “no agreement will become law until it is examined and signed in depth by the European Parliament and 29 democratically elected national governments – the However, the US government and 28 in the EU Observatory of European Enterprises (quoted in the Guardian`s original article) stressed, on the basis of a request for freedom of information, that “more than 93% of the Commission`s meetings with stakeholders took place during the preparation of negotiations with the big capital”.