EU Pauses Retaliatory Tariffs on U.S. for Six Months
(MENAFN) The European Union will pause its planned retaliatory tariffs on the United States for six months starting August 5, according to a statement from a European Commission spokesperson on Sunday, as reported by media.
Commission spokesperson Olof Gill confirmed that the EU is actively collaborating with the US to finalize a joint statement, following the terms agreed upon during a July 27 accord.
To support the sensitive negotiations, the Commission will implement an emergency procedure to delay the enforcement of its countermeasures, which were initially scheduled to begin on August 7.
"The Commission is expected to adopt the necessary measures tomorrow, 5 August, under an emergency procedure," Gill stated.
The breakthrough came on July 27 when US President Donald Trump announced that both sides had reached a deal involving 15% tariffs, ending a prolonged period of trade uncertainty. The agreement followed a high-level meeting in Scotland with European Commission President Ursula von der Leyen.
Prior to the agreement, the US had warned it could impose tariffs as high as 30%.
Under the terms of the deal, the EU committed to investing $600 billion in the United States and agreed to purchase $750 billion worth of American energy and military equipment.
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