EU delays retaliatory tariffs on US goods in hopes of August 1 deal
'This is now the time for negotiations,' European Commission President Ursula von der Leyen told reporters in Brussels on Sunday, after President
Donald Trump sent a letter announcing new
tariffs of 30 per cent on goods from the EU and Mexico starting on August 1.
The EU – America's biggest trading partner and the world's largest trading bloc – had been scheduled to impose 'countermeasures' starting on Monday at midnight Brussels time. The EU negotiates trade deals on behalf of its 27 member countries.
Von der Leyen said those countermeasures would be delayed until August 1, and that Trump's letter shows 'that we have until the first of August' to negotiate. European leaders have urged Trump and von der Leyen to give negotiations more time.
'We have always been clear that we prefer a negotiated solution,' she said. If they can't reach a deal, she said 'we will continue to prepare countermeasures so we are fully prepared'.
US President Donald Trump and European Commission President Ursula von der Leyen at the 50th World Economic Forum annual meeting in Davos in 2020. Photo: Reuters
Standing alongside Indonesian President Prabowo Subianto, von der Leyen said the trade tensions with the US show the importance of 'diversifying our trade relationships'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
25 minutes ago
- South China Morning Post
Hong Kong stocks waver as traders focus on US tariff threats, ignore China trade data
Hong Kong stocks fluctuated on Monday as traders weighed renewed US tariff threats against better-than-expected China trade data. The Hang Seng Index rose 0.1 per cent to 24,148.71 as of 10.05am local time after dropping as much as 0.2 per cent. The Hang Seng Tech Index fell 0.1 per cent. On the mainland, the Shanghai Composite Index advanced 0.3 per cent, while the CSI 300 Index was little changed. Electric-car maker Li Auto gained 2.8 per cent to HK$111.90, while coal miner Zijin Mining Group advanced 3.3 per cent to HK$20.65 and China Shenhua Energy added 4.2 per cent to HK$32.20. The laggards included search-engine operator Baidu, which slumped 3.1 per cent to HK$83.85, while e-commerce leader slid 1.5 per cent to HK$121.40 and online travel platform eased 1.4 per cent to HK$481.20. US President Donald Trump on Friday proposed raising baseline tariffs on imports to 15 to 20 per cent, and later threatened 30 per cent duties on goods from the European Union and Mexico from August 1, despite ongoing talks. China's exports in yuan terms rose 7.2 per cent year on year from January to June, official data released on Monday morning showed, beating a 5 per cent increase forecast by Bloomberg, as exporters took advantage of a 90-day tariff truce to speed up their shipments. The figure follows a 4.8 per cent growth in May.
South China Morning Post
an hour ago
- South China Morning Post
US conducts military drills in Panama Canal amid Trump's China influence concerns
The United States military teamed with Panamanian police to conduct a series of new exercises aimed at protecting the Panama Canal, amid tensions over alleged Chinese influence along the prized trade route. Advertisement To kick off the drills, three US Army helicopters arrived in Panama on Sunday – two UH-60 Black Hawk helicopters and a CH-47 Chinook – landing at the Panama-Pacific Airport, formerly the US Howard base. Michael Palacios, subcommissioner of Panama's National Aeronaval Service (SENAN), said the exercises would prepare Panama's forces, as well as countries in the region, against any threats to the security and defence of the canal. US soldiers conducted similar exercises in Panama a month ago, under a bilateral agreement that allows Washington to use Panamanian air and naval bases for training without establishing its own bases. The agreement sparked protests in the Central American country, and came amid pressure from US President Donald Trump, who threatened to reclaim the canal. 03:35 Donald Trump goes light on China on Day 1, except where the Panama Canal is concerned Donald Trump goes light on China on Day 1, except where the Panama Canal is concerned He has repeatedly claimed that China has too much influence over the canal, which handles about 40 per cent of US container traffic and five per cent of world trade.
South China Morning Post
3 hours ago
- South China Morning Post
Trump pledges Patriot missiles to Ukraine, says Nato will pay
President Donald Trump on Sunday said the United States would send Patriot air defence systems to Ukraine to help it fight off a Russian invasion, as his relations with Russian President Vladimir Putin soured. 'We will send them Patriots, which they desperately need,' Trump said, without specifying how many, just two weeks after Washington said it would pause some arms deliveries to Kyiv. 'I haven't agreed on the number yet, but they're going to have some because they do need protection,' he told reporters. The weapons delivery will be part of a new deal, which Trump says will involve Nato paying the United States for some of the weapons it sends to Ukraine. 'We basically are going to send them various pieces of very sophisticated military, and they're going to pay us 100 per cent for them,' Trump told reporters. The US president repeated that he was 'disappointed' in Putin.
