The EU is delaying retaliatory tariffs on U.S. goods, in hopes of reaching a deal by Aug. 1

BRUSSELS – The EU will droop retaliatory tariffs on U.S. items scheduled to take impact Monday in hopes of reaching a commerce cope with the Trump administration by the top of the month.

″That is now the time for negotiations,″ European Fee President Ursula von der Leyen informed reporters in Brussels on Sunday, after President Donald Trump despatched a letter saying new tariffs of 30% on items from the EU and Mexico beginning Aug. 1.

The EU — America’s largest buying and selling companion and the world’s largest buying and selling bloc — had been scheduled to impose ″countermeasures″ beginning Monday at midnight Brussels time (6 p.m. EDT). The EU negotiates commerce offers on behalf of its 27 member international locations.

Von der Leyen mentioned these countermeasures could be delayed till Aug. 1, and that Trump’s letter exhibits ″that we have now till the primary of August″ to barter. European leaders have urged Trump and von der Leyen to offer negotiations extra time.

″We’ve got at all times been clear that we choose a negotiated answer,″ she mentioned. If they’ll’t attain a deal, she mentioned that ″we are going to proceed to arrange countermeasures so we’re absolutely ready.″

Standing alongside Indonesian President Prabowo Subianto, von der Leyen mentioned the commerce tensions with the U.S. present the significance of ‘’diversifying our commerce relationships.”

Trump has mentioned his world tariffs would set the muse for reviving a U.S. financial system that he claims has been ripped off by different nations for many years. Trump in his letter to the European Union mentioned the U.S. commerce deficit was a nationwide safety menace.

U.S. commerce companions have confronted months of uncertainty and on-and-off threats from Trump to impose tariffs, with deadlines generally prolonged or modified. The tariffs may have ramifications for almost each facet of the worldwide financial system.

The worth of EU-U.S. commerce in items and companies amounted to 1.7 trillion euros ($2 trillion) in 2024, or a mean of 4.6 billion euros a day, in accordance with EU statistics company Eurostat. Europe’s largest exports to the U.S. have been prescribed drugs, automobiles, plane, chemical substances, medical devices and wine and spirits.

Commerce ministers from EU international locations are scheduled to satisfy Monday to debate commerce relations with the U.S., in addition to with China.