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The European Union announced on August 5 the suspension of retaliatory tariffs on US goods worth 93 billion euros, after Brussels reached an agreement with Washington last month.
"The European Commission has today adopted the necessary legal procedures to suspend the application of our countermeasures, which were expected to enter into force on August 7," said EU trade spokesman Olof Gill, reports " REL ".
The European Commission, which is responsible for the 27-nation bloc's trade policies, had prepared a list of American goods that would be hit with tariffs if talks with the United States failed to result in a deal.
The EU's countermeasures targeted a range of American exports, from soybeans to airplanes, cars and whiskey.
But EC President Ursula von der Leyen reached a framework agreement with US President Donald Trump on July 27, as the August 1 deadline for imposing high tariffs approached.
After the deal is reached, EU exports are expected to face a blanket 15 percent tariff from August 8 – higher than the customs duties before Trump returned to the White House, but lower than the 30 percent tariffs the US president had threatened to impose.
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