EU flags flutter in front of European Central Bank (ECB) headquarters in Frankfurt, Germany July 18, 2024.
Jana Rodenbusch | Reuters
The European Union will delay implementing its first set of tariffs on goods from the U.S. until the middle of April to allow for additional time for discussions with Washington, an EU spokesperson told CNBC Thursday.
“The Commission has decided to align the timing of the two sets of EU countermeasures against US 232 tariffs on EU steel and aluminum,” the spokesperson told CNBC.
“The change represents a slight adjustment to the timeline and does not diminish the impact of our response, in particular as the EU continues to prepare for retaliation of up to EUR 26 billion.”
The EU had earlier in March indicated it would follow a two-pronged approach of re-imposing previously suspended tariffs and introducing a slew of additional duties on further goods exported by the bloc to the U.S.
Those include industrial-grade steel and aluminum, other steel and aluminum semifinished and finished products, along with their derivative commercial products, such as machinery parts and knitting needles.
The bloc had initially announced the measures just as U.S. President Donald Trump’s 25% tariffs on steel and aluminum imports came into effect. The EU must “act to protect businesses and consumers,” European Commission President Ursula von der Leyen said at the time.
— CNBC’s Holly Ellyatt contributed to this report.
This developing story will be updated shortly.
