The European Parliament will suspend approval of the US tariffs deal agreed in July, sources from its international trade committee said. The announcement is expected in Strasbourg on Wednesday. This decision heightens tensions between the US and Europe, especially after Donald Trump's recent push to buy Greenland and his threat of new tariffs. The standoff unsettled financial markets. European shares fell for the second day, and US stock indexes dropped more than 1% in early trading on Tuesday. The US dollar also fell sharply, while the euro rose 0.8% to $1.1742, and the British pound increased 0.2% to $1.346. Earlier, the US and Europe had eased tensions with a July deal that lowered US tariffs on European goods to 15% from 30%. In return, Europe agreed to invest in the US and boost exports there. But the deal still needs European Parliament's approval. After Trump's Greenland tariff threat on Saturday, Manfred Weber, a key German MEP, stated, "approval is not possible at this stage." Meanwhile, the EU paused plans to retaliate against US tariffs with a €93 billion package targeting American goods. This pause ends on 6 February, after which EU levies could begin unless the deal is approved or extended.