The European Union will pause its first countermeasures against U.S. tariffs after President Donald Trump temporarily lowered the hefty duties he had just imposed on dozens of countries, European Commission chief Ursula
The European Union will pause its first countermeasures against U.S. tariffs after President Donald Trump temporarily lowered the hefty duties he had just imposed on dozens of countries, European Commission chief Ursula von der Leyen said on Thursday.
The bloc was due to launch counter-tariffs on about 21 billion euros ($23.25 billion) of U.S. imports from next Tuesday in response to Trump's 25% tariffs on steel and aluminium. It is still assessing how to respond to U.S. car tariffs and the broader 10% levies still in place.
"We want to give negotiations a chance," von der Leyen said on X. "While finalising the adoption of the EU countermeasures that saw strong support from our Member States, we will put them on hold for 90 days."
Trump's sudden decision on Wednesday to pause most of his hefty new duties brought relief to battered global markets and anxious global leaders, even as he ratcheted up a trade war with China.
His turnabout, which came less than 24 hours after steep new tariffs kicked in, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.
U.S. stock indexes shot higher on the news, and the relief
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