EU Delays Counter-Tariffs Against US
(MENAFN) The European Union will postpone its intended retaliatory tariffs on the United States for a duration of six months beginning August 5, according to a declaration by a European Commission representative on Sunday, as reported by a news agency.
Olof Gill stated that the EU remains in collaboration with the US to conclude a mutual declaration, which had been agreed upon on July 27.
To support the ongoing discussions, the Commission will implement the required actions through an expedited process to suspend the EU’s planned countermeasures, originally scheduled to be enacted on August 7.
"The Commission is expected to adopt the necessary measures tomorrow, 5 August, under an emergency procedure," he noted.
On July 27, the US and EU secured a trade agreement involving 15% tariffs, putting an end to months of uncertainty.
US President Donald Trump disclosed the agreement after meeting with European Commission President Ursula von der Leyen in Scotland.
Previously, Washington had warned of a potential tariff level of 30%.
As a component of the agreement, the EU committed to investing $600 billion in the United States and to acquiring $750 billion worth of American energy products and defense equipment.
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