EU is delaying retaliatory tariffs on US goods
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The European Union will suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month.
Economists had already downgraded growth for the European Union, and the new duties would hit industries there especially hard. Companies are looking for ways to blunt the impact.
President Donald Trump released two tariff letters on Saturday, imposing duties of 30% on products from Mexico and the European Union.
President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.
The European Union said on Sunday (July 13) it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement, after U.S. President Donald Trump ratcheted up his trade war on the bloc.
President Trump this week has been firing off letters to global leaders that threaten new, high tariff rates and also announcing them via social media. Here's what has happened so far.