EU to pause US counter-tariffs for 6 months

The European Union (EU) will suspend by six months a package of retaliatory tariffs it had planned to impose on goods from the US, as both sides are still working to finalize a joint statement on their trade deal.

According to a statement from a spokesperson for the European Commission, Ursula von der Leyen, European Commission President, and US President Donald Trump reached a trade and customs agreement on July 27.

"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 Aug. 7."

The spokesperson added, "The EU continues to work with the US to finalize a Joint Statement."

The trade dispute originated after the US government recently decided to raise tariffs on certain European exports, prompting the EU to prepare its own set of retaliatory countermeasures.