The EU paused planned countermeasures against the US after Trump delayed a tariff hike. But a new 30% rate has the bloc considering retaliation.

July 13 (Reuters) - German Finance Minister Lars Klingbeil said on Sunday the European Union must take "decisive" measures against the United States if tariff negotiations fail to cool an escalating global trade war. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here.

The European Union has decided to hold off on imposing retaliatory tariffs on U.S. goods that were set to begin Monday.

The EU is prepared to take the necessary steps to safeguard its interests if the U.S. proceeds with imposing a 30% tariff on European goods starting Aug 1, European Commission President Ursula von der Leyen said on Saturday.

European Commission President Ursula von der Leyen comments on President Donald Trump’s new tariffs of 30% on goods from the EU and Mexico starting Aug. 1.

The European Commission responded to Trump's announcement in a written statement, saying it remains ready to reach an agreement, while also taking "necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures.

The European Union braced on Friday for a possible letter from U.S. President Donald Trump outlining planned duties on the United States' largest trade and investment partner after a broadening of his tariff war in recent days.