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Investing.com -- The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald Trump, a Commission spokesperson said on Monday.
The suspension affects retaliatory tariffs that were scheduled to take effect on Wednesday. These countermeasures were developed in two parts: one responding to U.S. steel and aluminum duties, and another addressing Trump’s baseline and car tariffs.
"The EU continues to work with the U.S. to finalise a Joint Statement, as agreed on 27 July," the spokesperson said in a statement. "With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU’s countermeasures against the US, which were due to enter into force on 7 August."
The EU-U.S. agreement still leaves many questions unanswered, including tariff rates on spirits. Trump’s executive order last week, which set tariffs on most EU goods at 15%, did not include carve-outs for products such as cars and car parts.
EU officials have indicated they expect additional executive orders from the U.S. administration to follow soon.