The European Union has agreed to suspend retaliatory tariffs to make room for discussions with the United States over measures imposed by former President Donald Trump, CNBC reported.
- The European Commission Spokesperson Valdis Dombrovskis on Twitter said the European Union will suspend tariffs on American steel and aluminum.
- Dombrovskis said the suspension will make space for the two parties to address the disputes regarding tariffs.
- Trade representatives from both sides also said they were working to find solutions before the end of the year.
- The United States slapped a 25% tariff on European steel and 10% tariff on aluminum in June 2018, under the Trump presidency.
- The EU opposed the move, and imposed retaliatory tariffs on up to 6.4 billion euros after the failure to reach a deal.
- The second tranche of the measures were scheduled to be implemented in June.