The European Union (EU) will suspend by six months a package of retaliatory tariffs it had planned to impose on goods from the US, as both sides are still working to finalize a joint statement on their trade deal.
According to a statement from a spokesperson for the European Commission, Ursula von der Leyen, European Commission President, and US President Donald Trump reached a trade and customs agreement on July 27.
“With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU’s countermeasures against the US, which were due to enter into force on Aug. 7.”
The spokesperson added, “The EU continues to work with the US to finalize a Joint Statement.”
The trade dispute originated after the US government recently decided to raise tariffs on certain European exports, prompting the EU to prepare its own set of retaliatory countermeasures.
The European Union (EU) will suspend by six months a package of retaliatory tariffs it had planned to impose on goods from the US, as both sides are still working to finalize a joint statement on their trade deal.
According to a statement from a spokesperson for the European Commission, Ursula von der Leyen, European Commission President, and US President Donald Trump reached a trade and customs agreement on July 27.
“With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU’s countermeasures against the US, which were due to enter into force on Aug. 7.”
The spokesperson added, “The EU continues to work with the US to finalize a Joint Statement.”
The trade dispute originated after the US government recently decided to raise tariffs on certain European exports, prompting the EU to prepare its own set of retaliatory countermeasures.
