EU freezes retaliatory duties worth $93 billion against US after deal with Trump

The EU has temporarily suspended retaliatory duties worth EUR93 billion against the US for six months after concluding a trade agreement with Trump, BelTA reported with reference to TASS and the press service of the European Commission.

"The EU continues to work with the US to complete the preparation of implementing measures within the framework of the joint statement on duties under the agreements of 27 July. As part of achieving this goal, the European Commission is taking the necessary decisions to freeze retaliatory measures against the US, which were supposed to come into force on 7 August," the press service reported.

It is noted that the retaliatory trade measures developed by the EC consist of two packages. One - on imported goods from the US worth EUR21 billion - was to be introduced in response to US duties on steel and aluminum.

The second - for 72 billion euros - was supposed to be activated if Washington introduced 30% duties on all imports from the EU from August 1.

The fact that these measures will be frozen, rather than abolished, means that the European Union can return to them if American duties on European goods exceed the 15% ceiling.

The European Union and the United States agreed on July 27 that Washington would reduce duties against the European community from 30% to 15%.

The EU, for its part, will not introduce any retaliatory measures, will purchase energy resources and equipment for nuclear power plants from the United States for 750 billion dollars over 3 years, and will invest 600 billion dollars in the American economy.