In a significant development, the European Commission has announced the postponement of retaliatory tariffs against US exports originally scheduled to take effect this Tuesday, extending the opportunity for negotiations with the US.
EU Postpones Trade Tariffs Amid Ongoing US Negotiations
EU Postpones Trade Tariffs Amid Ongoing US Negotiations
The EU delays its retaliatory tariffs on US goods, seeking negotiation time as tensions escalate.
The European Commission, led by President Ursula von der Leyen, has once again delayed the implementation of countermeasures against US imports that were prompted by President Donald Trump's previously enacted tariffs on steel and aluminum. Initially announced to impact €21 billion of American goods, the enforcement of these tariffs, which was to commence this Tuesday, has now been suspended until early August, according to von der Leyen during a Sunday press conference.
The delay comes in response to a letter from President Trump to von der Leyen stating intentions to impose a significant 30% tariff on European imports starting August 1. Trump further warned of retaliatory tariffs from the US if the EU proceeded with its own countermeasures. In a Fox News interview, Trump maintained that the resulting tariffs were bringing in "hundreds of billions of dollars," and expressed no qualms about the discontent of some countries.
Von der Leyen emphasized the EU's preference for a negotiated resolution over trade confrontation. She confirmed, "The United States has sent us a letter with measures that would come into effect unless there is a negotiated solution," and assured that the EU would remain prepared for any eventualities.
As trade ministers convene in Brussels, sentiments vary about the approach towards the US. German Finance Minister Lars Klingbeil reiterated the need for constructive negotiations but stressed the importance of readiness for decisive countermeasures to safeguard European jobs and businesses if the negotiations falter. He stated, “Our hand remains outstretched but we won’t accept just anything.”
Meanwhile, French President Emmanuel Macron has urged the Commission to staunchly advocate for European interests during the negotiations. Amid this backdrop, the Trump administration has proposed tariffs affecting 24 countries alongside the EU, while trade adviser Peter Navarro aims to finalize "90 deals in 90 days," with limited agreements achieved so far with the UK and Vietnam.
As discussions evolve, the dynamics of international trade remain fragile, highlighting the interconnectedness of global economies and the high stakes involved in these negotiations.
The delay comes in response to a letter from President Trump to von der Leyen stating intentions to impose a significant 30% tariff on European imports starting August 1. Trump further warned of retaliatory tariffs from the US if the EU proceeded with its own countermeasures. In a Fox News interview, Trump maintained that the resulting tariffs were bringing in "hundreds of billions of dollars," and expressed no qualms about the discontent of some countries.
Von der Leyen emphasized the EU's preference for a negotiated resolution over trade confrontation. She confirmed, "The United States has sent us a letter with measures that would come into effect unless there is a negotiated solution," and assured that the EU would remain prepared for any eventualities.
As trade ministers convene in Brussels, sentiments vary about the approach towards the US. German Finance Minister Lars Klingbeil reiterated the need for constructive negotiations but stressed the importance of readiness for decisive countermeasures to safeguard European jobs and businesses if the negotiations falter. He stated, “Our hand remains outstretched but we won’t accept just anything.”
Meanwhile, French President Emmanuel Macron has urged the Commission to staunchly advocate for European interests during the negotiations. Amid this backdrop, the Trump administration has proposed tariffs affecting 24 countries alongside the EU, while trade adviser Peter Navarro aims to finalize "90 deals in 90 days," with limited agreements achieved so far with the UK and Vietnam.
As discussions evolve, the dynamics of international trade remain fragile, highlighting the interconnectedness of global economies and the high stakes involved in these negotiations.
