EU to suspend counter-tariffs against US for 6 months

BRUSSELS

The EU will suspend its planned counter-tariffs against the US for six months starting Aug. 5, the European Commission spokesperson announced on Sunday, ANSA news agency reported.

Olof Gill said the EU continues to work with the US to finalize a joint statement, as agreed on July 27.

To facilitate the ongoing negotiations, the commission will adopt the necessary measures under an emergency procedure to halt the EU countermeasures, which were set to take effect on Aug. 7.

"The Commission is expected to adopt the necessary measures tomorrow, 5 August, under an emergency procedure," he said.

The US and the EU on July 27 reached a trade deal with 15% tariffs, ending months-long uncertainty, US President Donald Trump announced following a meeting with European Commission President Ursula von der Leyen in Scotland.

Earlier, Washington had threatened a tariff rate of 30%.

As part of the deal, the EU will invest $600 billion in the US, and purchase $750 billion in US energy and military equipment.