The EU will suspend retaliatory tariffs on US goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. "This is now the time for negotiations," European Commission President Ursula von der Leyen told reporters in Brussels on Sunday, after President Trump sent a letter announcing new tariffs of 30% on goods from the EU and Mexico starting Aug. 1. The EU—America's biggest trading partner—had been scheduled to impose countermeasures on behalf of its 27 member countries starting at midnight Brussels time, 6pm EDT, the AP reports.
Von der Leyen said that those countermeasures would be delayed until Aug. 1, and that Trump's letter shows "that we have until" then to negotiate. European leaders have urged Trump and von der Leyen to give negotiations more time. "We have always been clear that we prefer a negotiated solution," she said. If they don't reach a deal, she said that "we will continue to prepare countermeasures so we are fully prepared." The EU is the world's largest trading bloc. Standing alongside Indonesian President Prabowo Subianto, von der Leyen said the tensions with the US show the importance of "diversifying our trade relationships.''
US trade partners have faced months of uncertainty and on-and-off threats from Trump to impose tariffs, with deadlines sometimes extended or changed. The tariffs could have ramifications for nearly every aspect of the global economy. The value of EU-US trade in goods and services amounted to $2 trillion in 2024, according to EU statistics agency Eurostat. Europe's biggest exports to the US were pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Trade ministers from EU countries are scheduled to meet Monday to discuss trade relations with the US as well as with China.
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