E.u. Announces 6-month Pause On Retaliatory Tariffs As Trump Says He'll Raise Duties On India

The European Union announced Monday it was pausing a scheme to enforce retaliatory tariffs connected U.S. equipment arsenic it continued waste and acquisition negotiations pinch nan Trump administration.

In a statement, nan European Commission spokesperson for waste and acquisition said nan planned countermeasures against nan U.S., which were group to return effect Thursday, would now beryllium suspended for six months.

The announcement helped propel stocks higher Monday, pinch awesome indexes each gaining astir 1%.

On July 27, Trump announced an statement pinch nan E.U. — America’s largest trading partner — that included a baseline tariff of 15%, down from a threatened 30%, and a promise by nan bloc to bargain $750 cardinal of U.S. power products and put an further $600 cardinal successful unspecified U.S. projects.

In return, Trump said, nan E.U. promised to region tariffs connected U.S. business goods.

The committee waste and acquisition spokesperson said Monday it was still moving connected finalizing a associated connection pinch nan Trump administration.

There has been nary letup successful Trump’s fierce waste and acquisition posture. The president besides announced Monday he would ratchet up waste and acquisition duties connected India complete allegations it was illicitly reselling Russian oil, thing he said was helping substance Russia’s warfare effort successful Ukraine.

The different caller measures Trump announced past week, including a 15% tariff complaint connected immoderate 4 twelve countries pinch which nan U.S. presently has a waste and acquisition deficit, are group to return effect Thursday.