In a bid to foster negotiations, the EU has postponed its retaliatory tariffs against US goods set to take effect this Tuesday.
**EU Postpones Retaliatory Tariffs Against the US Amid Ongoing Trade Negotiations**
**EU Postpones Retaliatory Tariffs Against the US Amid Ongoing Trade Negotiations**
The European Commission extends its countermeasures against US imports as dialogue continues.
The European Union has once again delayed its retaliatory trade tariffs against US goods, previously scheduled to be implemented in response to US President Donald Trump's steel and aluminium import taxes. European Commission President Ursula von der Leyen announced this pause, extending the timeframe until early August as both sides seek a negotiated resolution.
The proposed countermeasures amounting to €21 billion affecting various US exports were initially put on hold in March, and the latest suspension aims to take advantage of the ongoing dialogue. "The United States has communicated new measures that will take effect unless we reach a negotiated agreement; therefore, we will extend our countermeasures’ suspension until August 1," von der Leyen stated during a press conference.
This extension follows a letter from Trump outlining plans to impose a 30% tariff on imports from the EU, effective from August 1. He warned that any retaliatory actions from Europe might lead to escalated tariffs above the proposed 30%. Despite this threat, von der Leyen emphasized the EU's preference for discussions over trade tensions.
EU trade ministers are poised to convene in Brussels to deliberate their response to the US stance. Germany’s finance minister Lars Klingbeil indicated the need for constructive negotiations but also underscored the importance of being ready for decisive measures to protect European jobs and industries. "Our hand remains outstretched, but we won’t accept just anything," he remarked, urging solidarity among EU nations.
French President Emmanuel Macron has echoed this sentiment, calling for resolute defense of European interests. While the Trump administration has initiated tariff proposals involving 24 countries, EU leaders are wary of the implications on transatlantic relations. Trade adviser Peter Navarro's ambition to finalize “90 deals in 90 days” has resulted in two agreements with the UK and Vietnam, but discussions with the EU remain crucial as tensions simmer.
In this evolving landscape of global trade, the urgency for effective dialogue remains paramount to avoid escalated retaliatory measures that could impact jobs and economic stability on both sides of the Atlantic.
The proposed countermeasures amounting to €21 billion affecting various US exports were initially put on hold in March, and the latest suspension aims to take advantage of the ongoing dialogue. "The United States has communicated new measures that will take effect unless we reach a negotiated agreement; therefore, we will extend our countermeasures’ suspension until August 1," von der Leyen stated during a press conference.
This extension follows a letter from Trump outlining plans to impose a 30% tariff on imports from the EU, effective from August 1. He warned that any retaliatory actions from Europe might lead to escalated tariffs above the proposed 30%. Despite this threat, von der Leyen emphasized the EU's preference for discussions over trade tensions.
EU trade ministers are poised to convene in Brussels to deliberate their response to the US stance. Germany’s finance minister Lars Klingbeil indicated the need for constructive negotiations but also underscored the importance of being ready for decisive measures to protect European jobs and industries. "Our hand remains outstretched, but we won’t accept just anything," he remarked, urging solidarity among EU nations.
French President Emmanuel Macron has echoed this sentiment, calling for resolute defense of European interests. While the Trump administration has initiated tariff proposals involving 24 countries, EU leaders are wary of the implications on transatlantic relations. Trade adviser Peter Navarro's ambition to finalize “90 deals in 90 days” has resulted in two agreements with the UK and Vietnam, but discussions with the EU remain crucial as tensions simmer.
In this evolving landscape of global trade, the urgency for effective dialogue remains paramount to avoid escalated retaliatory measures that could impact jobs and economic stability on both sides of the Atlantic.
