EU : Following Donald Trump’s approval of a 90-day suspension in his sweeping tariffs, the European Commission announced on Thursday that it will suspend its retaliatory penalties for 90 days in response to Trump’s decision. According to a source, European Commission President Ursula von der Leyen has announced that the EU will suspend tariffs imposed in response to Trump’s sweeping penalties.
Here is what Ursula von der Leyen said:
“While we finalize the adoption of the EU countermeasures that received strong support from our member states, we will put them on hold for 90 days,” Ursula von der Leyen said in a statement. “If negotiations are not satisfactory, our countermeasures will kick in,” she stated.
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Earlier, Trump imposed a 20% fee on imports as part of his 10% tariff onslaught. However, he announced on Wednesday that he will suspend them for 90 days to give countries time to negotiate answers to US trade concerns. Countries affected by the hiatus will face Trump’s 10% tariff.
Prior to Trump’s declaration, EU member countries opted to impose retaliatory tariffs on $23 billion worth of goods in reaction to his 25% tariffs on imported steel and aluminum, which went into force in March. The EU, the US’s greatest economic partner, called them “unjustified and damaging.”
EU tries to achieve a trade agreement with the US.
Members of the EU, the world’s largest trading bloc, have stated that they would prefer to achieve a negotiated agreement with the US to end the trade war, which has the potential to harm both sides’ economy in the long run, as well as address urgent inadequacies.
The EU is also developing a new set of countermeasures as a response to Trump’s blanket 20% tariff on all European imports, which is presently suspended.
These restrictions may have a negative impact on technology companies, the services industry, and international trade.
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