EU delays retaliatory tariffs on US goods in hopes of August 1 deal
The value of EU-US trade in goods and services amounted to €1.7 trillion (US$2 trillion) in 2024
The EU will suspend retaliatory tariffs on US goods scheduled to take effect on Monday in hopes of reaching a trade deal with the Trump administration by the end of the month.
The EU – America’s biggest trading partner and the world’s largest trading bloc – had been scheduled to impose “countermeasures” starting on Monday at midnight Brussels time. The EU negotiates trade deals on behalf of its 27 member countries.
Von der Leyen said those countermeasures would be delayed until August 1, and that Trump’s letter shows “that we have until the first of August” to negotiate. European leaders have urged Trump and von der Leyen to give negotiations more time.
“We have always been clear that we prefer a negotiated solution,” she said. If they can’t reach a deal, she said “we will continue to prepare countermeasures so we are fully prepared”.
Europe’s biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, wine and spirits.
