EU to postpone Eur93 billion in tariffs as it negotiates final US trade terms

The European Commission plans to postpone Eur93 billion in retaliatory tariffs on US imports that were set to take effect Aug. 7, as the EU and the US continue to negotiate final terms of their trade deal.

"The EU continues to work with the US to finalise a Joint Statement, as agreed on 27 July," EU spokesperson Olof Gill said Aug. 4 in a statement to Platts, part of S&P Global Energy.

Gill said the EC will suspend the planned countermeasures by six months. It is expected to take up the suspension Aug. 5 via urgency procedures.

The July 27 announcement between European Commission President Ursula von der Leyen and US President Donald J. Trump "restores stability and predictability for citizens and businesses on both sides of the Atlantic," Gill said in the statement.

"On 31 July 2025, the US issued an Executive Order (EO) confirming the first step in the implementation of the agreement, namely the introduction on 08 August of a single, all-inclusive 15% tariff on goods from the European Union. Unlike other US trade partners, this 15% tariff rate includes existing Most Favoured Nation (MFN) rates, meaning no stacking above the 15% ceiling," he said.

"With this step, the EU gains immediate tariff relief compared to the tariffs announced by the US on April 2, and a first important foundation is laid for restoring clarity to EU companies exporting to the US."

Talks continue on European steel and aluminum exports to the US, focusing on quotas under which exports can be made without excessive tariffs.