The European Union announced Monday it would delay retaliatory tariffs on U.S. goods for six months, giving both countries time to implement the trade agreement they reached late last month.

The retaliatory tariffs, which were set to go into effect on Thursday, will be delayed until at least March.

On July 27, Ursula von der Leyen, the president of the European Commission and President Trump agreed to a deal that included a 15% tariff on most goods from the EU. Though the agreement does not currently include the exemptions for car parts or wine and spirits that the EU wants, it's likely to help stabilize prices.

"This political agreement restores stability and predictability for citizens and businesses on both sides of the Atlantic," European Commission spokesperson for trade Olof Gill said in a statement to CBS News.

The Commission said it is working with the U.S. to finalize a statement on the agreement.

"With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU's countermeasures against the U.S., which were due to enter into force on 7 August," the spokesperson said.

The pause on retaliatory tariffs will take effect Tuesday.

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