00:00The European Union-EU will suspend two packages of planned countermeasures against the United States tarifs for six months following a deal with the U.S. European Commission spokesperson said on Monday.
00:11The spokesperson said in a statement that EU will continue to work with the U.S. to implement the tarif agreement reached on July 27.
00:18The statement said that to achieve this goal, the European Commission will take necessary measures to suspend the retaliatory tariffs against the U.S., originally scheduled to take effect starting this Thursday for a period of six months.
00:32The suspended retaliatory tariffs include a response to the U.S. tariffs on EU steel and aluminium export and a response to the baseline tariffs implemented by the Trump administration and the proposed auto tariffs.
00:42U.S. President Donald Trump and European Commission President Ursula von der Leyen held an informal meeting in Scotland, the U.K., on July 27.
00:50After the meeting, Trump announced that the U.S. and the EU had reached a consensus on a new trade agreement.
00:56Trump revealed some details of the new pact, including 15 percent tariffs for European export to America, an additional US$600 billion EU investment in the U.S. and the European purchase of US$750 billion worth of American energy.
01:10On July 24, EU member states overwhelmingly passed a decision to impose retaliatory tariffs on U.S. products worth €93 billion.
