On the 4th, a spokesperson for the European Commission stated that, following an agreement reached with U.S. President Trump, the European Union would suspend for six months the implementation of two sets of countermeasures against U.S. tariffs. The two countermeasures were originally scheduled to take effect on August 7 and are divided into two parts: one is in response to the U.S. tariffs on steel and aluminum, and the other is in response to Trump's benchmark tariffs and auto tariffs.
EU spokesperson Gill said: "The EU will continue to work with the United States to finalize the joint statement reached on July 27."
He added, "In light of these objectives, the European Commission will take the necessary steps to suspend for six months the EU countermeasures against the U.S. that were scheduled to take effect on August 7."
According to the agreement reached, on July 31 the U.S. reduced tariff rates imposed on the EU to 15%. However, there are still many unresolved issues in the agreement reached between the two sides, including tariff rates on spirits.
In addition, the executive order on July 31 did not provide the expected tax relief for the EU automobile industry, which is still subject to a 25% tariff. Strategic industries such as aircraft have also not received exemptions.
Previously, the EU side and leaders of several European countries had stated that if a satisfactory trade agreement could not be reached with the U.S. before the U.S. tariff measures took effect on August 1, the EU would take countermeasures in response.