The move follows renewed tensions between the US and EU, as Donald Trump pushes to acquire Greenland.
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The suspension is set to be announced in Strasbourg, France on Wednesday.
The move would mark another escalation in tensions between the US and Europe, as Donald Trump ratchets up his efforts to acquire Greenland, threatening new tariffs over the issue on the weekend.
The stand-off has rattled financial markets, reviving talk of a trade war and the possibility of retaliation against the US for its trade measures.
Shares on both sides of the Atlantic were lower on Tuesday, with European stock markets seeing a second day of losses. In the US, the Dow Jones slid more than 1.7%, while the S&P 500 dropped more than 2% and the Nasdaq closed about 2.4% lower.
Stock markets in the Asia-Pacific region were mixed on Wednesday, with major indexes in Japan and Hong Kong trading a little lower, while shares in Hong Kong and mainland China were slightly higher.
The price of gold continued to make gains as it rose above $4,800 (£3,570) an ounce for the first time. The price of silver dipped from Monday's record high above $95 an ounce.
Precious metals are seen as safer assets to hold in times of uncertainty, and the prices of both gold and silver have soared over the past year.
On the currency markets, the US dollar held steady against its major peers, having dropped 0.5% overnight - the biggest daily fall since early December.
Trade tensions between the US and Europe had eased since the two sides struck a deal at Trump's Turnberry golf course in Scotland in July.
That agreement set US levies on most European goods at 15%, down from the 30% Trump had initially threatened as part of his "Liberation Day" wave of tariffs in April. In exchange, Europe had agreed to invest in the US and make changes at on the continent expected to boost US exports.
The deal still needs approval from the European Parliament to become official.
But on Saturday, within hours of Trump's threat of
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