The EU will put tariff retaliation on hold for 90 days

Article content

BRUSSELS (AP) – The EU Executive Committee said Thursday it will conduct 90-day retaliation measures on new U.S. tariffs to match President Donald Trump’s moratorium and stop on his new tariffs and leave room for a solution.

Article content

Article content

Article content

European Commission President Ursula von der Leyen said the commission handling trade in 27 member states “noted President Trump’s announcement.”

“We want to give negotiations a chance because “we want to give negotiations a chance” will suspend new tariffs of 20.9 billion euros ($23 billion).

But she warned: “If the negotiations are not satisfied, our countermeasures will begin.”

Trump imposed a 20% levy on EU goods, part of his tariff attack on global trading partners, but said he would suspend them for 90 days to give countries the opportunity to negotiate a solution to the U.S. trade problem.

This is a breaking news update. The early stories of AP are as follows.

Article content

Article content

BRUSSELS (AP) – European Commission President Ursula von Leyen welcomed President Donald Trump’s decision to temporarily halt most U.S. tariffs, but she did not say whether the EU intends to urge early retaliation measures.

Trump has recognized that more than 75 countries say he has been negotiating trade and has not retaliated against his latest tariff increase. “Countries that are now suspended will be subject to tariffs of 10%. The EU’s interest rate is 20%, but it is unclear how the 27-country group will affect.

China does not include it. Trump further raised the tax rate on Chinese imports to 125%.

Von der Leyen described the pause of reciprocity tariffs as “an important step towards a stable global economy. Clearly, predictable conditions are crucial to the functioning of trade and supply chains.”

Article content

The announcement came after EU member states voted in favor of retaliatory tariffs on $23 billion of goods in response to his 25% tariff on imported steel and aluminum. The EU is the largest trading partner of the United States, calling them “unreasonable and destructive.”

Tariffs are scheduled to be held on April 15, with some going into effect on May 15 and December 1. The European Commission did not immediately provide a list of goods. The group’s top trade officials have been traveling between Brussels and Washington for weeks, trying to get out of the conflict.

But Von der Leyen shows no sign that the EU’s timeline has changed. Spokesperson Olof Gill noted that the committee “will now take the time to consult closely with our member states and industries before deciding on the next step.”

Article content

Members of the EU – the world’s largest trading group – repeat their negotiable agreements that they prefer to resolve trade issues, which Von der Leyen stressed, “is to achieve frictionless and mutually beneficial trade.”

Nevertheless, the head of the EU executive (on behalf of member states regarding trade deal negotiations and disputes) said that Europe intends to diversify its trade partnerships.

She said the EU will continue to “interact with countries that make up 87% of global trade and share our commitment to the free exchange of goods, services and ideas” and remove barriers to business in its own single market.

“Europeans will be stronger from this crisis together,” Von der Leyen said.

Article content