The European Union will suspend its planned countermeasures against U.S. tariffs for six months, EU officials announced Monday, following a new trade deal struck between President Trump and European Commission President Ursula von der Leyen on July 27.
The tariffs, which were set to take effect this week, are now on hold as both sides work to finalize a joint statement formalizing the agreement. A spokesperson for the EU Commission said the deal aims to restore āstability and predictability for citizens and businesses on both sides of the Atlantic,ā and confirmed that the suspension of countermeasures is expected to be in place by Tuesday.
The delay marks a notable concession from one of the United Statesā largest trading partners after weeks of negotiations. Last month, Trump announced a broad trade agreement that includes 15% tariffs on most European imports to the U.S., including automobiles.
In exchange, the White House said the EU agreed to eliminate all tariffs on U.S. industrial exports to Europe, commit to $750 billion in U.S. energy purchases, and increase investment in the U.S. by $600 billion beyond existing levels.
Both sides indicated they will continue negotiations to finalize implementation of the agreement, with additional measures to be taken in line with their respective internal procedures. U.S. tariffs on more than 60 countries are still set to begin August 7, after Trump postponed the original implementation date of August 1.
