After a trade agreement between the EU and the US has been reached, the European Commission has decided to suspend the increased tariffs that were planned to be imposed on US goods. This was reported by EU trade spokesman Olof Gill to the AFP news agency.
The increased tariffs were to have come into effect on 7 August. They were additional duties on US goods worth 107 billion dollars - or almost 690 billion kroner.
- The Commission has today adopted the necessary legislative procedures to suspend the implementation of our countermeasures, which were to have come into effect on 7 August, says Olof Gill.
The EU's increased tariffs were to hit a wide range of US goods - from soybeans and whiskey to cars and aircraft. Without the increased tariffs in the EU, many types of goods from the US would be subject to tariffs of less than two percent, while agricultural goods would be hit by slightly higher tariffs.
27. On July 2019, the EU and the US concluded a so-called framework agreement on trade. It was presented to US President Donald Trump and the President of the European Commission, Ursula von der Leyen. It entails that a 15 percent tariff will be imposed on goods exported from the EU to the US.
The 15 percent tariff is half the 30 percent tariff that Donald Trump had previously threatened to impose on US imports of goods from the EU.
The EU's planned response before the trade agreement included different tariffs on different types of US goods. US goods would be subject to tariffs of up to 30 percent. According to an anonymous senior EU official, the EU's increased tariffs could come into play again if necessary.
- We put them on ice and we can always take them out if necessary, so we can always lift the suspension, he told AFP.
The US tariff of 15 percent on goods from the EU will take effect on Wednesday.
/ritzau/
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
