The European Union is suspending tariffs on 93 billion euros ($109.8 billion) of U.S. imports for a further six months after an easing of tensions over U.S. President Donald Trump's claims on Greenland and threats of new tariffs, according to a filing in the EU official journal.

The European Union had appeared poised to deploy the package of countermeasures in response to Trump's threats to impose tariffs over Greenland on eight European nations, six of them from the European Union. However, Trump subsequently backed off, withdrawing the tariff threats and saying a deal on the Arctic island was in sight.

The EU's 93 billion euro package, targeting a range of U.S. goods from corn to dishwashers and motorcycles, was prepared before the European Union and the United States struck a trade deal at the end of July. It was then suspended for six months, expiring on Saturday. The extended suspension will apply from February 7 until and including August 6.

The filing from the European Commission said it would keep the suspension under review in light of further developments in U.S. trade relations and could take further action.

Source: Reuters

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