The European Union announced on Sunday that it will extend its suspension of countermeasures to U.S. tariffs until early August, aiming to pursue a negotiated settlement.
This comes after President Trump on Saturday warned of a 30% tariff on most imports from the EU and Mexico starting August 1, pressuring countries to agree on new trade frameworks within weeks.
White House economic adviser Kevin Hassett stressed, "the tariffs are real" unless better deals are made, saying Trump "sent these letters out to folks" to mark a clear stance.
EU Commission President Ursula von der Leyen reaffirmed the bloc's "two-track" approach—continuing talks while preparing retaliation if needed.
German Chancellor Friedrich Merz said he is "really committed" to finding a deal, warning a 30% tariff would strike "to the core" of Germany's export economy. Von der Leyen said the EU's Anti-Coercion Instrument, allowing strong retaliation, is not yet being considered, noting "we are not there yet."
Source: Trading Economics
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