Brussels: The European Union has decided to delay its planned retaliatory tariffs on US exports once more, European Commission President Ursula von der Leyen announced. The countermeasures, initially set to take effect on Tuesday, are a response to the import taxes on steel and aluminum imposed by US President Donald Trump.
According to BBC, the EU had first suspended these retaliatory measures in March, which would have impacted £21 billion worth of US goods. This suspension has now been extended until early August, as confirmed by von der Leyen during a press conference on Sunday. The delay comes as the EU seeks a negotiated solution with the United States over the trade disputes.
In a pre-recorded interview with Fox News that aired Saturday night, President Trump mentioned that while some countries were displeased, the tariffs have resulted in significant financial gains for the US. Von der Leyen emphasized the EU’s preference for negotiation, stating, “The United States has sent us a letter with measures that would come into effect unless there is a negotiated solution, so we will therefore also extend the suspension of our countermeasures until early August.”
EU trade ministers are scheduled to meet on Monday in Brussels to determine the EU’s approach in dealing with Washington. German Finance Minister Lars Klingbeil stressed the importance of “serious and solution-oriented negotiations” with the US but noted that decisive countermeasures would be necessary if talks fail. “Our hand remains outstretched, but we won’t accept just anything,” Klingbeil remarked to the Sueddeutsche Zeitung.
French President Emmanuel Macron also called on the European Commission to “resolutely defend European interests” in the ongoing trade negotiations. As of Saturday, the Trump administration has proposed new tariff conditions affecting 24 countries and the EU, which consists of 27 member states. Meanwhile, White House trade adviser Peter Navarro has set an ambitious goal of securing “90 deals in 90 days,” with preliminary agreements announced with the United Kingdom and Vietnam.