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.

The EU says the U.S. is resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached with U.S. by Aug. 1.