The suspension period was deemed necessary for the two sides to eventually negotiate a settlement agreement. Reciprocal tariffs of around $7.5 and $4 billion on European and US exports were imposed during the last two years, impacting a wide range of products as well as foods such as peanuts and dates, among others.
According to a press release published by the European Commission, Executive Vice-President and Trade Commissioner Valdis Dombrovskis said: “This is a significant step forward. It marks a reset in our relationship with our biggest and economically most important partner. Removing these tariffs is a win-win for both sides, at a time when the pandemic is hurting our workers and our economies. This suspension will help restore confidence and trust, and therefore give us the space to come to a comprehensive and long-lasting negotiated solution. A positive EU-U.S. trade relationship is important not only to the two sides but to global trade at large.”
According to a press release published by the European Commission, Executive Vice-President and Trade Commissioner Valdis Dombrovskis said: “This is a significant step forward. It marks a reset in our relationship with our biggest and economically most important partner. Removing these tariffs is a win-win for both sides, at a time when the pandemic is hurting our workers and our economies. This suspension will help restore confidence and trust, and therefore give us the space to come to a comprehensive and long-lasting negotiated solution. A positive EU-U.S. trade relationship is important not only to the two sides but to global trade at large.”