EU Delays US Retaliatory Tariffs for 6 Months
The European Union (EU) announced that it will delay the implementation of retaliatory tariffs against the United States for six months, which were supposed to take effect this Thursday. This decision comes after weeks of trade negotiations with the Trump administration and is seen as a diplomatic move to de-escalate tensions between the two major economic powers.
According to an EU trade spokesperson, the delay is part of a July 27 agreement aimed at restoring stability and certainty for businesses and citizens on both sides of the Atlantic. The agreement will give both sides more time to resolve differences without having to immediately impose additional tariffs.
This move also opens the opportunity for the EU and the US to draft a joint statement that will form the basis for the future direction of trade relations. The official delay in retaliatory tariffs is expected to take effect on Tuesday, pending the finalization of the joint document.
The EU's tariff suspension demonstrates an openness to resolving trade disputes through dialogue, although many sensitive trade issues, such as tariffs on cars and metals, remain unresolved. If negotiations fail, the EU remains prepared to impose tariffs on billions of euros worth of US goods. (ayu)
Source: Newsmaker.id
