EU tariffs on US goods suspended until July 14

BRUSSELS: The EU's retaliatory tariffs on US goods worth 21 billion euros will be on hold until Jul 14, Brussels said on Monday (Apr 14), to give time for negotiations with Washington.

The European Union was hit with a 20 per cent rate as part of Trump's sweeping tariffs on Apr 2, before he suspended the measures for 90 days a week later.

To give breathing room for negotiations, the EU, in turn, last week halted its countermeasures on previously enacted US tariffs on steel, aluminium, and the auto sector, which remain in place.

The EU's pause will "take legal effect" on Tuesday, the European Commission said.

EU trade chief Maros Sefcovic was in Washington Monday for talks with US counterparts in the hope of an agreement before the 90 days are over.

The EU is still preparing its response to the 20 per cent levies, it said, although Brussels has made it clear it would prefer to avoid retaliation.

"The EU considers US tariffs unjustified and damaging, risking economic harm to both sides, as well as the global economy," the commission said.