EU suspends revenge tariffs after trade deal with Trump

The European Union announced 5 August the suspension of revenge tariffs on American goods worth 93 billion euros after Brussels reached an agreement with Washington last month.

The European Commission has adopted today the necessary legal procedures to suspend the implementation of our countermass, which were expected to go into effect on August 7th”, EU trade spokesman Olof Gill said.

The European Commission, which is responsible for the 27-nation bloc's trade policies, had prepared a list of American goods that would be hit with tariffs if talks with the United States did not result in agreements.

The EU's counterimpressions targeted a host of American exports, from soybeans to planes, cars and whiskey.

But EC President Ursula von der Leyeen reached a framework agreement with US President Donald Trump on July 27th, as the August 1st deadline for high tariffs was approaching. After the deal has been reached, EU exports are expected to face comprehensive fees of 15 per cent since August 8th higher than customs duties before Trump returned to the White House, but lower than the 30 per cent tariffs the American president had threatened to decide. /Periscope/