The European Union has decided to suspend its retaliatory tariffs on U.S. goods for a period of 90 days, following a similar move by U.S. President Donald Trump. This decision was announced by European Commission President Ursula von der Leyen, who stated that the pause is intended to give negotiations a chance to progress.

The EU had previously approved tariffs worth approximately €21 billion on U.S. goods in response to Trump's tariffs on steel and aluminium imports. However, von der Leyen warned that if negotiations do not yield satisfactory results, the EU's countermeasures will be implemented.

Trump had earlier announced a 90-day pause on reciprocal tariffs for over 75 countries engaged in trade discussions with the U.S., reducing the tariff rate to 10% during this period. Notably, China was excluded from this pause and instead faced an increased tariff rate of 125% on its imports to the U.S..

Von der Leyen welcomed Trump's decision as a positive step towards stabilizing the global economy, emphasizing the importance of clear and predictable trade conditions. She also reiterated the EU's commitment to achieving frictionless and mutually beneficial trade agreements.

Despite the temporary suspension of tariffs, the EU continues to prepare for potential further countermeasures, keeping all options on the table.

ANI