European Commission President Ursula von der Leyen has welcomed the pause in US tariffs announced by President Donald Trump, while also confirming it will delay its retaliatory countermeasures.
On Wednesday evening, Trump announced a 90-day pause on import tariffs for trading partners wishing to negotiate.
During this pause, partners, including the European Union, will face a reduced tariff rate of 10%. However, he also intensified the rhetoric in the trade war against China, increasing import tariffs on Chinese products to 125%.
"I welcome President Trump's announcement to pause the reciprocal tariffs. It is an important step towards stabilising the global economy," said von der Leyen in a statement on Thursday. "Clear, predictable conditions are essential for trade and supply chains to function."
Countermeasures pause
Following Trump's U-turn, the EU will "pause" its countermeasures for 90 days in order to "give negotiations a chance," von der Leyen announced on Thursday. "If the negotiations are not satisfactory, our countermeasures will come into effect," she warned in a message on social media.
The EU leader also stressed that preparatory work on further countermeasures continues, despite the pause.
Earlier on Wednesday, von der Leyen stressed that tariffs are taxes that "only hurt businesses and consumers," adding that this is why she consistently advocated for a zero-for-zero tariff agreement between the EU and the US.
She also underlined that the EU remains committed to constructive negotiations with the US.
European Commission President Ursula von der Leyen during a press conference at the European Commission headquarters in Brussels, Belgium, Sunday 9 March 2025. Credit: Belga
In terms of other responses, the EU will continue to focus on diversifying its trade partnerships, engaging with "countries that account for 87% of global trade and share our commitment to a free and open exchange of goods, services, and ideas."
Meanwhile, it is also stepping up its efforts to remove obstacles in its own internal market.
"This crisis has made one thing clear: in times of uncertainty, the single market is our anchor of stability and resilience," the bloc's leader concluded.
China trade war
During Wednesday's announcement, Trump also ramped up his rhetoric against China, deepening the trade war.
"Based on the lack of respect China has shown to the global markets, I am hereby raising the tariff that the United States charges China to 125%, effective immediately," Trump stated.
The US President remains optimistic that a negotiated solution can be found. "China wants to make a deal. They just don't really know how to go about it," he claimed.
"Conversely, and based on the fact that representatives from over 75 countries have contacted US officials... and that these countries, at my strong suggestion, have not retaliated against the US, I have authorised a 90-day PAUSE and a significantly reduced reciprocal tariff of 10%, effective immediately," wrote the US President on social media.
Trump admitted to monitoring the decline in the US debt market before deciding to pause the trade war with the rest of the world, except for China.
"I was keeping an eye on the bond market. It's a very complex market," the president said to the media on Wednesday. He stated that he noticed his tariff increases were causing some fear on Tuesday evening. "We need to be flexible."
Insider trading allegation
Trump's dramatic U-turn on tariffs was the focus of market attention on Thursday. Relieved European stock markets surged, while Wall Street lost ground following the previous day's euphoric boost.
In parallel, US Democratic Senator Adam Schiff has asked Congress to open a formal investigation to determine whether Trump has been guilty of insider trading or market manipulation.
A few minutes after the opening of the stock markets, Trump wrote on his social media: "This is the perfect time to buy!!!", with the initials "DJT", which refer not only to his name but also to his media company.
