After President Donald Trump put a pause on levies, the European Union on Thursday announced that it would suspend its 20.9 billion euros ($ 23 billion ) retaliatory tariff on US goods for 90 days.
Ursula von der Leyen, president of the European Commission, accepted Trump’s statement and approved the expulsion of new taxes on US products for 90 days to accomplish conversations. She warned that if negotiations turned out to be ineffective, countermeasures would be taken.
Trump had formerly imposed a 20 % responsibility on EU products as part of his wider tax plan against global trading partners, but he also offered a 90-day dialogue window to address trade issues.
Von der Leyen was supportive of Trump’s choice to temporarily suspend the majority of US tariffs, but she remained unconcerned about the EU’s designed countermeasures.
She stated in a statement that” we want to offer negotiations a chance,” but she also warned that “our measures will kick in” if the talks are unsuccessful.
Trump authorized a “90 day PAUSE” for more than 75 nations engaged in trade negotiations, lowering their tariff rate to 10 %. The particular impact on the 27-nation union remained undefined, despite the EU’s prior 20 % rate being originally in place. Among the exceptions, China saw its import tax rate rise to 125 %.
Von der Leyen emphasized the importance of stable trading conditions, citing the positive effects of the common tariff suspension on world economic stability.
In response to Trump’s 25 % tariffs on steel and aluminum exports, the EU member states had earlier approved retaliatory tariffs fair$ 23 billion. These methods were scheduled for phase one, with phases beginning on April 15, May 15, and December 1.
Olof Gill, a spokeswoman for the Commission, stated that they would consult with member states and market before making any decisions about the future.
While putting a focus on plans to expand business partnerships, the EU continued to favor negotiated solutions. Van der Leyen emphasized cooperation with nations that support free trade in the world, which account for 87 % of business.
