Brussels Suspends Tariff Measures Against Washington After Last-Minute Trade Agreement
The European Commission announced on Tuesday the suspension of its retaliatory tariffs against the United States, following a last-minute trade agreement between Brussels and Washington.
A spokesperson for the European executive body stated that the Commission “has adopted the necessary legal basis to suspend the European countermeasures,” referring to a series of tariffs the bloc had intended to impose on American products.
Recently, the European Union had threatened to levy taxes on American imports estimated at €93 billion, including products like soybeans, cars, and aircraft, in response to tariffs imposed by the U.S. administration.
However, after months of tense negotiations, a settlement was reached in late July, just days before the August 1 deadline, after which Washington would have raised its tariffs to 30% on a number of European goods.
The new agreement stipulates limited tariffs not exceeding 15% on European products directed to the U.S. market, in exchange for the EU committing to purchase $750 billion worth of American energy products and to invest an additional $600 billion within the United States.
The agreement was signed during a meeting between European Commission President Ursula von der Leyen and U.S. President Donald Trump in Scotland, amidst ongoing trade tensions between the two sides.
