The European Union said this morning that it would delay its planned tariffs on U.S. goods by six months as both sides implement their framework trade agreement.
The E.U.’s countermeasures were set to go into effect Thursday. The United States’ 15% tariffs on European goods, meanwhile, are set to go into effect this week as part of the governments’ agreement.
Taken together, the 27-nation bloc is the United States’ largest trade partner.
“This political agreement restores stability and predictability for citizens and businesses on both sides of the Atlantic,” the European Commission’s spokesperson for trade said. “It secures continued access for E.U. exports to the U.S. market, preserves deeply integrated transatlantic value chains, effectively safeguards millions of jobs, and provides the basis for continued strategic cooperation between the E.U. and U.S.”
