EU Suspends Retaliatory Tariffs to Foster Trade Talks with US
In a bid to negotiate a trade deal, the European Union has postponed planned retaliatory tariffs on US goods. EU Commission President Ursula von der Leyen indicated a willingness to reach a resolution by August 1, amid Trump's tariff threats. The EU remains prepared for countermeasures if talks fail.
- Country:
- Belgium
The European Union announced a suspension of its retaliatory tariffs on United States goods that were set to commence on Monday. This decision is part of an effort to finalize a trade agreement with the administration of former US President Donald Trump by the end of the month.
EU Commission President Ursula von der Leyen stated on Sunday, following a new threat from Trump to increase tariffs to 30% on goods from the EU and Mexico starting August 1, that negotiations are the priority at this point. Chemical, pharmaceutical, and automotive exports, amongst others, are pivotal in these discussions.
Italian Foreign Minister Antonio Tajani, during talks with EU allies, emphasized the importance of high-level negotiations to uphold EU interests. Trump has argued that global tariffs are necessary to defend the US economy, while EU trade ministers are scheduled to further discuss their trade strategy with the US and China.
(With inputs from agencies.)
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