July 13 (Reuters) - German Finance Minister Lars Klingbeil said on Sunday the European Union must take "decisive" measures against the United States if tariff negotiations fail to cool an escalating global trade war. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here.

The European Union will hold off on imposing retaliatory tariffs on U.S. goods that were set to take effect Monday, signaling an effort to keep trade negotiations with the Trump administration alive through the end of July, the Associated Press reported.

The EU has been a frequent target of Trump's criticism. On 2 April, he proposed a 20% tariff for goods from the bloc, as well as dozens of other trade partners. He then threatened to raise the EU import taxes to 50% as trade talks stalled.

STORY: The European Union said on Sunday it is continuing to push for a trade deal with the United States after President Donald Trump said on Saturday he would be imposing a 30% tariff on most imports from the EU starting August 1.

A senior German politician said on Sunday the European Union and Washington could negotiate further and postpone higher import duties after U.S. President Donald Trump ramped up the trade war by threatening a hike in tariffs on the bloc.

Even as it holds its fire, Brussels will pitch retaliatory tariffs targeting another €72B in U.S. goods to EU ministers on Monday.

European shares dipped on Friday as investors awaited word on tariffs for the EU, while U.S. stocks dipped in response to the upsized tariff rate Trump announced for Canada late on Thursday. Gold prices, meanwhile, rose for a third straight session on higher demand for the safe-haven asset.

The European Union and Mexico have expressed disappointment at Donald Trump's threat to impose 30% tariffs on their imports from next month.

The European Commission responded to Trump's announcement in a written statement, saying it remains ready to reach an agreement, while also taking "necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures.