EU TO SUSPEND U.S TARIFF COUNTERMEASURES- EU says it will continue to work with the U.S. to implement the tariff agreement reached
A European Commission spokesperson has stated that the European Union (EU) will suspend two packages of planned countermeasures against the United States’ tariffs for six months, following a deal with the U.S.
The spokesperson in a statement said that the EU will continue to work with the U.S. to implement the tariff agreement reached on July 27. The statement said that to achieve this goal, the European Commission will take necessary measures to suspend the retaliatory tariffs against the U.S., originally scheduled to take effect starting this Thursday, for a period of six months.
The suspended retaliatory tariffs include a response to the U.S. tariffs on EU steel and aluminum exports, and a response to the baseline tariffs implemented by the Trump administration and the proposed auto tariffs.
U.S. President Donald Trump and European Commission President Ursula von der Leyen held a meeting in Scotland, the UK, on July 27. After the meeting, Trump announced that the U.S. and the EU had reached a consensus on a new trade agreement.
Trump revealed some details of the new pact, including 15 percent tariffs for European exports to America, an additional 600 billion U.S. dollars EU investments in the U.S., and the European purchase of 750 billion U.S. dollars worth of American energy.
On July 24, EU member states passed a decision to impose retaliatory tariffs on U.S. products worth 93 billion euros. A spokesperson announced that the EU plans to merge two packages of proposed counter tariffs on U.S. goods into a single list totaling 93 billion euros. European Commission spokesperson Olof Gill said on July 23 that if negotiations fail, the countermeasures would take effect on August 7.
