The EU has agreed to suspend proposed tariff countermeasures on imports from the US by six months while the two sides continue to negotiate a final agreement on trade.
In a statement, the European Commission highlighted the deal done between US president Donald Trump and his EC counterpart Ursula von der Leyen last month, which will see US import duties for many EU goods set at 15 percent.
While a full agreement has yet to be confirmed, a spokesperson for the EC said the suspension of tariffs will allow talks to continue.
"The EU continues to work with the US to finalize a joint statement, as agreed on 27th July," he continued. "With these objectives in mind, the Commission will take the necessary steps to suspend by six months the EU's countermeasures against the US, which were due to enter into force on 7th August."
US products including soybeans, cars, aircraft and whiskey were all included in the proposed levies, which would have been applied to around €93 billion worth of US goods, according to Euronews.
Despite the agreement, there remains a great deal of confusion around exactly what products will be tariffed when moving between the US and EU and vice-versa, as well as how promises for additional EU investment in the US will work.
Last week, Ms von der Leyen claimed the deal includes "zero-for-zero tariffs" on several key products, including aircraft and component parts, certain chemicals, semiconductor equipment, some agricultural products, natural resources and critical raw materials.
However, an Executive Order signed by President Trump on July 31st to enact the new tariffs does not include relief for the EU automotive industry, which remains subject to 25 percent tariffs, nor does it exempt strategic sectors such as aircraft manufacturing.