US EditionThe EU is delaying retaliatory tariffs on U.S. goods, in hopes of reaching a deal by Aug. 1
BRUSSELS, BELGIUM, JUL 14 – The European Union postponed $24.5 billion in retaliatory tariffs to allow more time for trade talks with the U.S. amid risks to nearly $1 trillion in bilateral trade, officials said.
- The European Union delayed its retaliatory tariffs on U.S. goods until August 1 while seeking a trade deal by then.
- This followed U.S. President Donald Trump's letter announcing 30% tariffs on EU and Mexico goods starting August 1, prompting urgent negotiations.
- EU trade ministers planned to meet in Brussels to discuss U.S. trade relations as Italian Foreign Minister Tajani prepared for talks in Washington.
- EU-U.S. trade totaled 1.7 trillion euros in 2024, and von der Leyen said, "This is now the time for negotiations."
- The delay allows negotiation time but the EU will remain prepared to impose countermeasures if no agreement is reached.
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