European Commission President Ursula von der Leyen said on Sunday that the European Union (EU) will pause its countermeasures against the United States until early August, and the bloc will continue to prepare response options.
Her statement follows the U.S. President Donald Trump’s announcement on Saturday that starting from August 1, a 30-percent tariff will be imposed on goods imported from the EU and Mexico.
Currently, the U.S. imposes a 50-percent tariff on EU steel and aluminum products, a 25- percent tariff on the automotive sector, and a baseline tariff of 10 percent on almost all other goods.
According to the previously announced plan, the EU’s first round of retaliatory tariffs on U.S. goods were scheduled to take effect on Monday.
Trump’s decision to impose 30 percent tariffs on EU exports has triggered widespread opposition from European leaders.
German Vice Chancellor and Finance Minister Lars Klingbeil said on Sunday that the EU must take firm action against the United States if tariff negotiations fail to ease the escalating global trade conflict, according to German newspaper Sueddeutsche Zeitung.
Urging an end to the escalating trade tensions, Klingbeil said "Trump's tariffs produce only losers. They threaten the American economy just as much as they harm businesses in Europe."
Klingbeil said that EU doesn't "need new threats or provocations," but "a fair deal."
Klingbeil also said Germany would accelerate efforts to diversify its global trade ties.
On Saturday, Spanish Prime Minister Pedro Sanchez said in a social media post that economic openness and trade create prosperity, while unjustified tariffs destroy it, adding that Spain will continue to support the European Commission in its negotiations to reach an agreement with the United States before August 1.
