The EU has announced the suspension of its retaliatory tariffs on U.S. goods worth 93 billion euros ($107 billion) after Brussels struck a deal with Washington last month.
“The commission has today adopted the necessary legal procedures to suspend the implementation of our EU countermeasures, which were due to take effect on August 7,” EU trade spokesman Olof Gill said.
Commission president Ursula von der Leyen reached a framework accord with U.S. president Donald Trump on July 27. Following the deal, EU exports are now set to face across-the-board tariffs from August 8 of 15%–higher than customs duties before Trump returned to the White House, but much lower than his threatened 30%.
A senior EU official said both sides were fleshing out the leaders’ agreement and hoped to provide more details “very, very soon.”
Brussels can, however, always unfreeze its retaliation should anything unexpected happen.
“We put it back into the freezer and we can always take it out if needed, so we can always lift the suspension,” the senior EU official said.
