"Important Step For Global Economy": EU Chief On Donald Trump's 90-Day Tariff Pause

EU chief Ursula von der Leyen on Thursday welcomed US President Donald Trump's decision to pause planned tariff increases as an "important step towards stabilising the global economy".

"Clear, predictable conditions are essential for trade and supply chains to function," the European Commission president said in a statement.

"The European Union remains committed to constructive negotiations with the United States," she said, reiterating the bloc's offer of a bilateral tariff exemption for cars and other industrial goods.

The EU was hit with a 20 percent rate as part of Trump's universal tariffs and the commission has been preparing its response, although Brussels has made it clear it would prefer to avoid retaliation.

Trump announced the punishing tariffs last week, throwing global markets into chaos until he announced on Wednesday that he was halting the measures for almost all nations for 90 days.

The 27-nation EU is among dozens of countries including Japan -- but not China -- that now face a baseline tariff rate of 10 percent.

The bloc also remains subject to previously enacted US tariffs on steel and aluminium, to which it retaliated on Wednesday, and on the auto sector.

Trump's aggressive trade moves and hostile rhetoric against the EU have focused minds in Brussels, with leaders now scrambling to establish closer trade ties with other nations including India.

"Europe continues to focus on diversifying its trade partnerships, engaging with countries that account for 87 percent of global trade," von der Leyen said.

The EU will also bolster its own single market and remove barriers, she added.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)