EU Postpones Retaliatory Tariffs in Hopes of Negotiation with US

The European Union has again postponed its retaliatory tariffs on US goods, originally scheduled to commence this week in response to US import taxes. European Commission President Ursula von der Leyen emphasized the intention to negotiate with the US, even as tensions rise regarding proposed tariffs from President Trump.

The European Union has decided to delay its retaliatory tariffs on US exports, as announced by European Commission President Ursula von der Leyen. Originally expected to take effect this Tuesday, these countermeasures came as a response to US President Donald Trump’s earlier import taxes on steel and aluminum. The proposed tariffs, which would have impacted €21 billion worth of US goods, were initially suspended in March, and this period of reprieve has now been extended until early August.

Von der Leyen addressed the media on Sunday, stating that the additional time would be utilized for negotiations. EU trade ministers are scheduled to convene in Brussels on Monday to deliberate on the appropriate response. This postponement follows a letter from Trump to von der Leyen indicating his intention to impose a 30% tariff on imports from the EU beginning on August 1. He warned that if the EU retaliated, he would consider raising tariffs beyond 30%.

In an interview aired on Fox News, Trump emphasized that the tariffs were generating "hundreds of billions of dollars" for the US, despite some countries expressing dissatisfaction. Von der Leyen reiterated the EU’s preference for a negotiated resolution, indicating that while they are preparing for potential countermeasures, dialogue remains the priority.

EU trade ministers will discuss their strategy with the US, with Germany's finance minister Lars Klingbeil asserting the need for "serious and solution-oriented negotiations." He cautioned that should talks fail, decisive measures would be required to safeguard jobs and businesses within Europe. French President Emmanuel Macron has also called for the European Commission to "resolutely defend European interests" in these negotiations.

Currently, the Trump administration has proposed tariff conditions affecting 24 countries, including the EU, which consists of 27 member nations. White House trade advisor Peter Navarro previously aimed to secure "90 deals in 90 days," with some deals already outlined with the United Kingdom and Vietnam, as negotiations with various countries are ongoing.