In a significant development for transatlantic trade, the European Commission has for the third time delayed planned countermeasures targeting €93 billion worth of US goods, for a period of six months, according to media reports. Initially set to take effect on August 7, the move comes in the wake of a political agreement reached between the EU and the US on July 27.
Olof Gill, EU Commission spokesperson, confirmed the delay, emphasizing that, while the agreement is not legally binding, it offers immediate relief to EU exporters. This step is seen as a temporary de-escalation in what could have evolved into a full-scale trade dispute.
The deal on July 27 introduces a 15 percent tariff rate on the vast majority of EU exports to the US. The deal provides short-term stability for EU exporters and allows both parties time to formalize a political agreement through internal legal procedures.