THE European Union Suspend the reprisal prices on the goods of the United States which were to take effect on Monday. The EU hopes that he will be able to conclude a trade agreement with the Trump administration by the end of the month.
“Now is the time for negotiations,” said the president of the European Commission on Sunday, Ursula von der Leyen in Brussels.
One day earlier, President Trump sent a Letter to the EU announcing new prices of 30% on goods from August 1. In the letter, Trump said the relationship between the block and the United States was “far from reciprocal” and that the American trade deficit was a threat of national security.
“We have had years to discuss our trade relations with the European Union and have concluded that we have to move away from these long-term, important and persistent trade deficits, generated by your price and non-runner, political and trade barriers,” he wrote.
Mr. Trump sent a similar letter to Mexico.
The EU – the largest trading partner in the United States and the largest commercial block in the world – was to impose “countermeasures” from Monday at midnight at Brussels time (6 p.m. Hne). The EU negotiates trade agreements on behalf of its 27 member countries.
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Von der Leyen said that these countermeasures would be delayed until August 1 and that Mr. Trump’s letter shows “that we have until August 1” to negotiate. European leaders urged Mr. Trump and Von Der Leyen to give more time to negotiations.
“We have always been clear that we prefer a negotiated solution,” she said. If they cannot conclude an agreement, she said that “we will continue to prepare countermeasures so that we are fully prepared.”
Trump said his global prices would establish the basis of the revival of an American economy which, according to him, has been uprooted by other nations for decades. He was on an advertisement blitz new prices with allies and enemies Last week.
US trade partners were faced with months of uncertainty and threats to implementing the American president to impose prices, with sometimes extended or modified deadlines. The prices could have ramifications for almost all aspects of the world economy.
The value of the EU-US trade in goods and services amounted to 1.7 Billion of euros (2 billions of dollars) in 2024, an average of 4.6 billion euros per day, according to the Eurostat EU Statistics Agency. The largest exports from Europe to the United States were pharmaceutical products, cars, planes, chemicals, medical instruments and wine and spirits.
EU countries trade ministers are expected to meet on Monday to discuss trade relations with the United States, as well as with China.