The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald Trump, a Commission spokesperson said on Monday.
The EU-U.S. agreement leaves many questions open, including tariff rates on spirits, and Trump's executive order last week setting tariffs on most EU goods at 15% did not include carve-outs such as for cars and car parts.
EU officials have said they expect more executive orders to follow soon.
"The EU continues to work with the U.S. to finalise a Joint Statement, as agreed on 27 July," the spokesperson said in a statement.
"With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU's countermeasures against the US, which were due to enter into force on 7 August."
The retaliatory tariffs are in two parts: one in response to U.S. steel and aluminium duties, and the other to Trump's baseline and car tariffs.
Source: Reuters
Tensions and fears are running high in Switzerland, as the deadline to strike a trade agreement with the U.S. looms just days away. Without a deal, Switzerland faces 39% duties on its goods imported ...
The U.S. will levy a 30% tariff on South African exports next week, after Pretoria failed to reach a trade deal before President Donald Trump's deadline. The new rate is part of a broader executive or...
U.S. President Donald Trump has imposed a 19% tariff on exports from Malaysia to the U.S., lower than the 25% rate he initially threatened in July. The rate was finalized in an executive order signed ...
U.S. President Donald Trump on Thursday signed an executive order increasing tariffs on Canadian goods to 35% from 25% on all products not covered by the U.S.-Mexico-Canada trade agreement, the White ...
President Donald Trump on Thursday evening signed an order outlining tariff levels against a host of countries, which will take effect in seven days. Trump released an updated list of his proposed "r...
Wall Street's main indexes bounced back on Monday after a sharp pullback in the previous session, buoyed by growing expectations of deeper Federal Reserve interest rate cuts following an unexpectedly weak jobs report. At 11:39 a.m. ET, the Dow...
German Finance Minister Lars Klingbeil stated on Monday that the European Union's trade deal with the United States requires significant clarification, adding that the bloc had shown weakness during negotiations. Speaking in Washington before...
Gold (XAU/USD) kicks off the week on a cautious note, trading flat to slightly higher on Monday, as the US Dollar (USD) stabilizes but remains under pressure in the aftermath of Friday's disappointing Nonfarm Payrolls (NFP) report. At the time of...
The European stock markets closed sharply lower in Friday trading as The Stoxx Europe 600 fell 1.8%, Germany's DAX dropped 2.5%, the FTSE 100 was...
US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P...
European stock markets opened positively this week, with the Euro Stoxx 50 up 0.6% and the broader Stoxx 600 up 0.2%. This rebound follows a sharp...
White House economic advisers on Sunday defended President Donald Trump's firing of the head of the Bureau of Labor Statistics, dismissing criticism...