The European Union will delay imposing €21 billion (about $23 billion) in retaliatory tariffs on U.S. exports after President Donald Trump paused his broad tariff policy for 90 days, signaling a potential cooling of escalating trade tensions.
“We want to give negotiations a chance,” European Commission President Ursula von der Leyen said Wednesday on X, confirming the EU would hold off on finalizing its countermeasures, which had strong support from member states.
Earlier this week, the EU advanced plans to retaliate against Trump’s tariffs on steel and aluminum, including a 20% levy on key U.S. exports. But within hours of that announcement, Trump paused many of the reciprocal tariffs, excluding those against China, which were increased to 125%.
Markets, which had dropped sharply in recent days, began to rebound following signs of de-escalation. U.S. officials say negotiations are expected to continue in the coming months, with the EU seen as a key partner in shaping future trade deals.
Sources
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