The European Union said on Monday it will pause its plans to impose retaliatory tariffs against the U.S. while it continues to negotiate trade terms with President Donald Trump.
Starting Aug. 5, the European Commission will suspend its counter-tariff plans for U.S. imports for six months. Those retaliatory tariffs were expected to go into effect on Thursday.
European Commission President Ursula von der Leyen and President Donald J. Trump agreed on a deal for tariffs and trade on July 27 which included a 15% tariff on most goods from the EU. That was a reduction from previously threatened tariffs had a deal not been reached before the Aug. 1 deadline.
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The commission said it's now up to the U.S. to implement the other parts of their mutual agreement.
"This includes the commitment to decrease its Section 232 tariffs on cars and car parts imported from the EU to a 15% ceiling rate, as well as the specific treatment agreed for certain strategic products (e.g. aircraft and aircraft parts)," a spokesperson for the commission told Scripps News.
In addition to vehicles, the U.S. imports a variety of goods from Europe, like pharmaceutical products and medications. It's the largest export market for the European Union.
