EU halts tariff retaliation as new trade deal with U.S. takes shape

The European Union has agreed to suspend two major packages of retaliatory tariffs against the United States for six months following a July 27 meeting between President Donald Trump and European Commission President Ursula von der Leyen, where both sides reached a new trade consensus involving 15% tariffs on European exports, €93 billion in suspended duties, and massive EU investments in U.S. energy and infrastructure, signaling a shift in transatlantic trade relations amid ongoing global economic uncertainty.