<h1>EU suspends retaliatory tariffs until August 1 amid US 30% tariff threat on European goods</h1> European trade ministers convened in Brussels following the US President's announcement of 30% tariffs on the EU, set to begin August 1. The tariffs will affect various European goods including French cheese, Italian leather, German electronics, and Spanish pharmaceuticals. Brussels suspended its planned retaliatory tariffs until August 1, hoping to negotiate a trade deal. The EU is diversifying economic partnerships with Asian nations including China, South Korea, Japan, and Indonesia, while also pursuing agreements with Mexico and South American trading blocs. European leaders emphasized unity while preparing potential countermeasures if negotiations fail.