The European Union (EU) has decided to suspend its retaliatory tariffs for 90 days and resume its talks with US President Trump to reach a trade agreement, according to Financial Times.
The decision follows Trump’s move on Wednesday to pause tariffs on most countries that were additional to a universal 10% duty.
In this context, the US Presidents stated that all countries that had not announced any retaliatory tariffs would leverage from the 90-day pause.
As a response, European Commission President Ursula von der Leyen revealed on Thursday that the union desired “to give negotiations a chance”.
The Commission’s President clarified that if the negotiations were not satisfactory for the EU, they would take countermeasures.
“While finalizing the adoption of the EU countermeasures that saw strong support from our Member States, we will put them on hold for 90 days,” she added.
In the same context, EU trade spokesperson Olof Gill, also expressed their readiness to negotiate with Trump, emphasizing that the commission believed that they could reach “a win-win trade agreement.”
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