Dhaka, July 14 -- The European Union has decided to postpone retaliatory tariffs on U.S. goods that were set to begin Monday, expressing hope that a trade agreement can be reached with the Trump administration before the new tariffs take effect on August 1.

"This is now the time for negotiations," European Commission President Ursula von der Leyen said Sunday in Brussels, following a letter from U.S. President Donald Trump announcing a 30% tariff on imports from the EU and Mexico beginning August 1.

The EU, the largest trading bloc and America's top trading partner, had planned to introduce its own countermeasures starting Monday at midnight Brussels time. However, von der Leyen said the EU will delay those measures until August 1, citi...