The Eu Will suspend retaliation rates for American goods that are planned to come into effect on Monday in the hope of reaching a trade agreement with the Trump administration by the end of the month.
“This is now the time for negotiations,” said the President of the European Commission Ursula von der Leyen Reporters in Brussels on Sunday, after the US President Donald Trump sent a letter announcing new rates of 30 percent on goods from the EU and Mexico From August 1.
The EU – the largest trading partner in America and the world’s largest trade block – was planned to impose “countermeasures” from Monday at midnight Brussels – time (6 pm EDT). The EU is negotiating trade agreements on behalf of its 27 Member States.
Von der Leyen said that these countermeasures would be postponed until 1 August, and that the letter from Trump shows “that we have until the first August” to negotiate. European leaders have insisted Trump and Von der Leyen to give negotiations more time.
“We have always been clear that we prefer a negotiated solution,” she said. If they cannot reach a deal, she said that “we will continue to prepare countermeasures so that we are fully prepared.”
Receive national news daily
Get the top news of the day, political, economic and current headlines, delivered on your inbox once a day in your inbox.
Von der Leyen, in addition to Indonesian President Prabowo Subianto, said that trade tensions with the US demonstrate the importance of ‘diversifying our trade relationships’.
Trump said His global rates Would lay the foundation for reviving an American economy that he claims has been scammed by other countries for decades. In his letter to the European Union, Trump said that the American trade deficit was a threat of national security.
American trading partners have confronted Trump for months of uncertainty and on-and-off threats to impose rates, with deadlines that are sometimes expanded or changed. The rates can have consequences for almost every aspect of the global economy.
The value of the EU-US trade in goods and services was 1.7 trillion euros ($ 2 trillion) in 2024, or an average of 4.6 billion euros per day, according to EU Statistics Agency Eurostat. The largest export in Europe to the US was medicines, cars, planes, chemicals, medical instruments and wine and spirits.
Handelsministers from EU countries are planned to meet on Monday to discuss trade relations with the US, as well as with China.
Speaking in addition to Indonesian president Pabowo Subianto, Von der Leyen said that the trade tensions with the US demonstrate the importance of ” diversifying our trade relationships. ‘She announced closer cooperation between the EU and Indonesia and emphasized the need for’ ‘predictable’ ‘trading partnerships based on’ trust ‘.
The Indonesian leader said: “I think the United States will always be a very important leader in the world,” but also emphasized the need for multilateral relationships, and added: “We would like to see a very strong Europe.”
& copy 2025 The Canadian Press
Source link
Economy,Politics,U.S. News,World,trump tariffs , Trump rates,Economy,Politics,American news,World , #slows #retribution #rates #American #goods #hope #August #Trade #Agreement #National, #slows #retribution #rates #American #goods #hope #August #Trade #Agreement #National, 1752422054, eu-slows-down-retribution-rates-for-american-goods-in-the-hope-of-1-august-trade-agreement-national