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.

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.

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.