EU pauses retaliatory tariffs amid U.S. suspension

In response to President Donald Trump's 90-day suspension of U.S. tariffs, the European Union has opted to halt its planned tariffs temporarily for the same period of time.

European Commission President Ursula von der Leyen praised the U.S. decision as a positive step toward global economic stability.

The EU's retaliatory tariffs were scheduled to roll out in phases starting on April 15, with subsequent waves in May and December, targeting around $24 billion in U.S. goods. Notably absent from this list is American whisky, exempted after Trump's threat of 200 percent tariffs on EU wine and liquor.

"We want to give negotiations a chance," said von der Leyen, stressing the EU's readiness to suspend countermeasures if the U.S. commits to a fair resolution. The proposed tariffs affect goods pivotal to U.S. states that supported Trump's election, such as soybeans from Louisiana, beef from Kansas and Nebraska, poultry from the South, and motorcycles and tobacco nationwide.

Earlier this week, the European Commission proposed eliminating all industrial tariffs between the EU and U.S. Yet Trump dismissed the offer, countering with a demand for Europe to purchase $350 billion worth of U.S. oil and gas.

Despite these negotiations, the EU remains subject to the U.S.'s recently enforced 10 percent base rate tariff. The bloc maintains a window for compromise, emphasizing its willingness to increase purchases of U.S. liquefied natural gas.

"While finalizing adoption of the EU countermeasures, which received robust Member State support," von der Leyen said, "we will suspend them for 90 days. If negotiations falter, these measures will take effect as planned, with preparations for additional actions ongoing."

For now the EU is  keeping all options and is ready to deploy a team of negotiators to Washington D.C. to begin talks.