The European Union will delay the implementation of its trade countermeasures against the United States from Monday until early August to allow more time to negotiate a deal.

European Union officials warned on Monday that countermeasures are still on the table if they cannot reach a trade deal with the United States to avoid the 30 percent tariffs that President Trump announced over the weekend would take effect on Aug.

The European Union on Monday warned that the 27-country bloc is preparing potential countermeasures targeting US goods worth 72 billion euros if talks with Washington fail to produce a viable outcome.