EU suspends counter-rates on US goods until July 14 to Donald Trump's 90-day break | Mint

EU head Ursula von der Leyen said on Thursday that the block would place planned rates on US goods “to give negotiations a chance” after President Donald Trump’s U-turn will be on massive duties. The 27-Nation block on Wednesday approved its first measures directed to US products in retaliation for steel and aluminum exports. It did not have to announce an answer to Trump’s universal rates – which he has interrupted for 90 days now. “While the adoption of the EU measures that have strong support from our member states has been completed, we will put them at stake for 90 days,” the European Commission president said in a statement. “If negotiations are not satisfactory, our countermeasures will kick in.” The EU measures approved on Wednesday target more than 20 billion euros of US products, including soybeans, motorcycles and beauty products. The block is still working on its reaction to Trump’s universal rates – which hit the EU at a rate of 20 percent – and those imposed on the car sector, and Von der Leyen emphasized that “preparatory work on further countermeasures continues”. “All options stay on the table,” she said. Brussels made it clear, but it would prefer to avoid retaliation. In an earlier statement, commission chief Trump’s decision to interrupt his planned rates as an ‘important step towards stabilizing the global economy’. European stocks jumped on Thursday, with the most indices scoring their biggest one -day gain since 2022, after US President Donald Trump’s break at reciprocal rates for most trading partners had a major relief after a cruel sale. The suspension of punishment of rates on dozens of countries came less than 24 hours after they turned in. In response, the European Union on Thursday interrupted its own countermeasures at approximately 21 billion euros worth US imports. The Pan-European Stoxx 600 jumped 3.7%, and the most important regional officials rose between 3%and 4.7%. The benchmark index, as well as those in Germany, and the United Kingdom have recorded their best day since March 2022. France’s CAC 40 jumped by 3.8%, its best day since October 2022. First published: April 14, 2025, 10:07 PST