EU DELAYS SANCTIONS: The European Union stepped back from the brink of a trade war with the U.S. on Friday by delaying a decision to impose sanctions on more than $300 million in U.S. goods, including apparel. The EU’s 15 ambassadors voted Friday to postpone until Sept. 30 a decision on countermeasures against the U.S., stemming from the Bush administration’s move in March to place punitive tariffs on steel imports. The EU’s foreign ministers are expected to endorse the recommendation at a meeting on Monday.

BOTTOMS UP: LVMH Moët Hennessy Louis Vuitton, famous for its top-shelf champagnes and cognacs, is now tippling into premium vodka. The luxury giant said Friday it bought a 40 percent stake in Millennium Import Co., which controls the Polish distillery that turns out Belvedere and Chopin vodkas. LVMH said it would distribute the liquors outside North America.

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