00:00Despite recent developments, the European Parliament has suspended approval of a key U.S.-EU trade deal.
00:07The suspension comes as Trump's threats to impose new tariffs on Europe over Greenland triggered market unease.
00:15The European Parliament said lawmakers had no alternative but to halt work on legislation needed to ratify the July trade deal.
00:23The Turnberry Agreement, struck in Scotland last July, would have cut U.S. tariffs on most European goods to 15 percent from 30 percent in exchange for European investment and reforms to boost U.S. exports.
00:37However, the deal still required parliamentary approval, now on hold, amid warnings that the EU could move ahead with retaliatory tariffs on up to €93 billion worth of American goods as early as February 7.
00:50The U.S. and the EU are each other's largest trading partners, with more than €1.6 trillion in goods and services exchanged last year.
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