EU Suspends Retaliatory Tariffs Against the US

The European Union has not cancelled but has simply suspended its retaliatory tariffs against the United States, amounting to €93 billion, for a period of six months following a trade agreement with US President Donald Trump. This was announced by the European Commission's press service.

“The EU continues to collaborate with the US to finalize the measures regarding tariffs under the joint statement agreed upon on July 27. To achieve this goal, the European Commission is making necessary decisions to suspend the retaliatory measures against the US, which were set to take effect on August 7,” the Commission stated.

The retaliatory trade measures developed by the European Commission consist of two packages. One, covering €21 billion worth of goods imported from the US, was to be implemented in response to tariffs imposed by the US on steel and aluminum, while the second package, amounting to €72 billion, was to be activated if Washington imposed a 30% tariff on all imports from the EU from August 1 onwards.

The fact that these measures will be “suspended” rather than removed indicates that the EU may revert to them if US tariffs on certain European products exceed the 15% threshold.

On July 27, the EU and the US agreed that the US would reduce tariffs on the community from 30% to 15%, in exchange for the EU not applying any countermeasures, purchasing $750 billion in energy resources and nuclear plant equipment from the US over three years, investing $600 billion in the US economy, and placing large military orders in the US.