EU Suspends US Tariff Countermeasures for Six Months Following Trade Agreement

Economy

EU Suspends US Tariff Countermeasures for Six Months Following Trade Agreement

4 months ago

News sources:

REUTERS

CBSNEWS

INDIATIMES

SCMP

EU Suspends US Tariff Countermeasures for Six Months Following Trade Agreement

Credited from: REUTERS

EU suspends retaliatory tariffs on US goods worth €93 billion ($107 billion) for six months.
The suspension follows a deal reached between Trump and von der Leyen on July 27.
New tariffs of 15% on EU goods will take effect from August 8, which is less severe than initially threatened.

The European Union announced on August 4 that it will suspend its retaliatory tariffs on U.S. goods for six months, a decision stemming from a trade deal with U.S. President Donald Trump. The deal was made to address tariffs set to start on August 7, affecting goods totaling €93 billion (approximately $107 billion) according to Reuters and CBS News.

EU trade spokesperson Olof Gill confirmed the suspension's legal procedures, noting that this move helps to “restore stability and predictability” for businesses and citizens across the Atlantic. Furthermore, the new agreement includes a 15% tariff on EU goods entering the U.S., which is seen as a stabilizing factor despite the initial higher tariffs proposed by Trump. This was highlighted in both India Times and SCMP.

As part of the negotiations, both sides are actively working to finalize further details of the agreement, with EU officials maintaining that they can revert to their countermeasures if necessary. A senior EU official remarked that these measures can be “put back into the freezer,” indicating a willingness to adapt based on the progress of trade relations, as reported by Reuters, CBS News, and India Times.