According to a report by international news agency AFP, the European Union (EU) announced on Thursday that it has halted plans to impose counter-tariffs on goods coming from the United States.
Just a week ago, President Trump had announced new tariffs on imports from nearly 100 countries, including a 20% tariff specifically targeting EU member states.
Yesterday, Donald Trump announced a 90-day suspension of several new tariffs, while also increasing tariffs on Chinese products by an additional 21%, bringing them to 125%.
Following Trump's announcement on Wednesday to suspend tariffs on multiple countries for 90 days, Asian and European stock markets saw a wave of improvement.
The European Union welcomed Trump’s reversal, calling it “an important step towards stabilizing the global economy.”
In response to Trump’s announcement, the 27-member bloc signaled a conciliatory gesture by suspending tariffs worth €20 billion on U.S. goods for 90 days. These tariffs had been approved as a countermeasure to U.S. duties on steel and aluminum.
European Commission President Ursula von der Leyen stated in a press release, “We want to give negotiations a chance.” However, she warned that if talks do not produce satisfactory results, the EU will initiate its retaliatory measures and that “all options remain on the table.”
Like the EU, other countries are also positioning themselves for negotiations. Canadian Prime Minister Mark Carney welcomed Trump’s U-turn as a “welcome reprieve” and said Ottawa would begin talks on a new economic deal with Washington after the April 28 elections.
Vietnam stated it has agreed to begin trade negotiations with the U.S., while Pakistan is sending a delegation to Washington.
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