The European Union has suspended retaliatory tariffs on American imports as the officials scramble to seal a trade agreement with Washington within the deadline of August 1 set by U.S. President Donald Trump.
President of the European Commission Ursula von der Leyen stated that the EU will further extend its suspension of countermeasures as it conducts negotiations with the Trump administration.
In the meantime, for a second we are not going to be short of preparation to deploy countermeasures where they are needed,” von der Leyen said during a Brussels press conference.
“We have consistently preferred a solution by negotiation,” she added. “That remains our intention as we make the best use of the time up to August 1.”
The EU ruling follows Trump imposing a retaliatory 30 percent tariff on European and Mexican imports from August 1.
Earlier this year, the EU had imposed retaliatory tariffs on $30 billion of U.S. exports in retaliation for U.S. tariffs on steel and aluminum. These, however, were put on hold for 90 days following Trump’s delay of his reciprocal tariffs.
The hold was to expire at midnight Monday.
EU trade ministers plan to convene in Brussels on Monday to consider next steps after the latest U.S. tariff threat.