EU Delays Retaliatory Tariffs in Bid to Secure Trade Deal with US
The EU will delay retaliatory tariffs on US goods in hopes of negotiating a trade deal with the Trump administration. This suspension is intended to provide more time for talks, following President Trump's announcement of new tariffs on EU imports. The EU aims to maintain diversified trade relationships.
- Country:
- Belgium
The European Union has announced a suspension of retaliatory tariffs on US goods, initially set to take effect Monday. The move comes in anticipation of negotiating a trade agreement with the Trump administration by the month's end, according to European Commission President Ursula von der Leyen.
Speaking in Brussels, von der Leyen emphasized the importance of negotiations, following President Donald Trump's declaration of a 30% tariff on goods from the EU and Mexico beginning August 1. The EU had planned to retaliate with countermeasures starting Monday, which will now be postponed until August 1.
Von der Leyen highlighted the need for diversified trade partnerships, especially in light of trade tensions with the US. The value of trade between the EU and US reached $2 trillion in 2024, making the current tariffs a significant economic issue globally.
(With inputs from agencies.)
ALSO READ
Canada Drops Digital Services Tax to Ease U.S. Trade Negotiations
Sanctions and Diplomacy: The Impact of Senator Graham's Bill on Russian Trade Relations
Elevated economic and trade policy uncertainties are testing resilience of global economy and financial system: RBI Report.
High Stakes Hustle: Trump's Deadline Pressures Global Trade Negotiations
Out of India's 6.7% share in global economy's incremental growth, SBI alone accounts for 1.1%: Report
Google News