The European Union has announced it is suspending its retaliatory tariffs on U.S. goods, following a political agreement reached with Washington in late July. The move was confirmed on Tuesday by EU trade spokesperson Olof Gill, who said that the European Commission had taken the necessary legal steps to halt the countermeasures that were set to come into effect on August 7. The EU had prepared to impose tariffs on €93 billion worth of American exports, including products such as soybeans,