The European Union will likely resume work on a trade deal with the United States after U.S. President Donald Trump took back a tariff threat over his attempt to acquire Greenland, the European Parliament's president said on Thursday.

The move by the European Parliament delays a push by the bloc to find new trading partners, as President Trump has threatened escalating U.S. tariffs.

The European Parliament suspended work on the legal implementation of the U.S.-EU trade agreement in response to President Trump's threat to put tariffs on some European countries over Greenland, a senior lawmaker said.

The European Parliament has decided to suspend its work on the European Union’s trade deal with the United States in protest at U.S. President Donald Trump’s demands to acquire Greenland and threats of tariffs on European allies who oppose his plan.

The announcement came minutes after President Donald Trump reasserted his call for U.S. ownership of Greenland during a speech at the World Economic Forum in Davos, Switzerland. The speech followed tariff threats issued by Trump days earlier against seven European Union countries,

The European Union's legislative body halted work on the final approval and implementation of the trade deal it reached last summer with President Donald Trump.

A trade deal between the U.S and the European Union, which was agreed to in principle over the summer but had yet to be finalized, is on hold. That’s according to Bernd Lange, chair of the European Parliament’s trade committee,

After days of back-and-forth threats between the U.S. and European countries, President Donald Trump says the two sides have reached an agreement on the "framework" of a deal on Greenland. (Scripps Ne