This comes after President Trump and European Commission President Ursula von der Leyen announced on July 27 that the two sides had agreed to a deal on tariffs and trade.
The European Union on Monday reportedly announced that it will suspend countermeasures against President Donald Trump’s tariffs imposed on the economic bloc for six months.
According to a Reuters report, an EU spokesperson said the suspension comes a few days before they were set to go into effect on August 7. “The EU continues to work with the U.S. to finalise a Joint Statement, as agreed on 27 July,” the spokesperson said.
President Trump and European Commission President Ursula von der Leyen announced on July 27 that the two sides had agreed to a deal on tariffs and trade.
“With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU’s countermeasures against the US,” the spokesperson added, according to the report.
The EU pause on Trump tariff countermeasures will formally take effect on Tuesday.
The U.S.-EU trade deal includes a 15% tariff on most European goods, including cars. President Trump also announced that the EU had agreed to purchase $750 billion worth of energy from the U.S. and make an additional investment of $600 billion in the United States.
The Trump administration said the EU would also remove significant tariffs, as well as eliminate all levies on industrial goods exported from the U.S. to the European Union.
Meanwhile, U.S. equities gained on Monday morning. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 1.2%, while the Invesco QQQ Trust (QQQ) surged 1.5%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.
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