EU Postpones Retaliatory Tariffs on U.S. Goods Amid Trade Negotiation Hopes

The European Union has rescheduled in its retaliatory tariffs on U.S. products in case of a possible trade deal ahead of an August 1 deadline.

EU Commission President Ursula von der Leyen confirmed the move on Sunday, stating the EU is committed to seeking a possible solution, but is also ready to act if negotiations with the U.S. fail. The decision stopped a second wave of tariffs originally planned to come in effect on Monday.

“At the same time, we will continue to prepare for the countermeasures, so we’re fully prepared,” von der Leyen said during a news conference in Brussels.“We have always been very clear that we prefer a negotiated solution. This remains the case, and we will use the time that we have now until the 1st of August.”

The tariffs targeting U.S. exports worth billions of euros were meant to be a response to earlier U.S. duties on European steel and aluminum. While the EU had prepared levies on a many American goods, it previously stopped the move for 90 days after a temporary delay in U.S. measures.

Von der Leyen said that the extension of the pause into early August gives more time for both sides to reach a deal. She warned, however, that if the U.S. proceeds with its planned tariffs next month, the EU will be ready to impose its full package of sanctions.

With input from Al Jazeera