The EU is delaying retaliatory tariffs on U.S. goods, in hopes of reaching a deal by Aug. 1

BRUSSELS (AP) — The EU will suspfinish retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the finish of the month.

″This is now the time for neobtainediations,″ European Commission President Ursula von der Leyen notified reporters in Brussels on Sunday, after President Donald Trump sent a letter announcing new tariffs of 30% on goods from the EU and Mexico starting Aug. 1.

The EU — America’s hugegest trading partner and the world’s largest trading bloc — had been scheduled to impose ″countermeasures″ starting Monday at midnight Brussels time (6 p.m. EDT). The EU neobtainediates trade deals on behalf of its 27 member countries.

Von der Leyen declared those countermeasures would be delayed until Aug. 1, and that Trump’s letter displays ″that we have until the first of August″ to neobtainediate. European leaders have urged Trump and von der Leyen to give neobtainediations more time.

″We have always been clear that we prefer a neobtainediated solution,″ she declared. If they can’t reach a deal, she declared that ″we will continue to prepare countermeasures so we are fully prepared.″

Standing alongside Indonesian President Prabowo Subianto, von der Leyen declared the trade tensions with the U.S. display the importance of ‘’diversifying our trade relationships.”

Trump has declared his global tariffs would set the foundation for reviving a U.S. economy that he claims has been ripped off by other nations for decades. Trump in his letter to the European Union declared the U.S. trade deficit was a national security threat.

U.S. trade partners have faced months of uncertainty and on-and-off threats from Trump to impose tariffs, with deadlines sometimes extfinished or modifyd. The tariffs could have ramifications for nearly every aspect of the global economy.

The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. Europe’s hugegest exports to the U.S. were pharmaceuticals, cars, aircraft, chemicals, medical instruments and wine and spirits.

Trade ministers from EU countries are scheduled to meet Monday to discuss trade relations with the U.S., as well as with China.

The Associated Press

Source link