The European Union announced that it was pausing its countermeasures against the United States as trade negotiations continue.
“The EU continues to work with the U.S. to finalise a Joint Statement, as agreed on 27 July,” the spokesperson said in a statement, Reuters reported. “With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU’s countermeasures against the US, which were due to enter into force on 7 August.”
On July 27, President Trump announced that the United States reached a trade deal with the EU. The White House said the move “serves as a generational modernization of the transatlantic alliance and will provide Americans with unprecedented levels of market access to the European Union.” Under the deal, the EU will purchase $750 billion in U.S. energy and invest $600 billion in the United States by 2028.
The deal further saw the EU paying the United States a tariff of 15% on auto parts, semiconductors, and pharmaceuticals. “However, the sectoral tariffs on steel, aluminum, and copper will remain unchanged—the EU will continue to pay 50% and the parties will discuss securing supply chains for these products,” the White House noted.
The EU explained in a statement that the July 27 agreement “serves the EU’s core economic interests in stable and predictable trade and investment relations between the EU and the US. At the same time, it fully respects the EU’s regulatory sovereignty and protects sensitive areas of EU agriculture, such as beef or poultry.”
