Von der Leyen: EU welcomes Trump's suspension of tariffs

European Commission President Ursula von der Leyen welcomed on Thursday the decision by United States President Donald Trump to suspend most American tariffs, but she did not indicate whether the European Union would implement its own retaliatory measures.

"I have ordered their suspension for 90 days," Trump said, after pointing out that more than 75 countries have been in trade talks and have not taken retaliatory measures against the US for raising tariffs.

Countries affected by the suspension will now face a 10 percent tariff. The tariff imposed on the EU was 20 percent, but it is not entirely clear how the 27-nation bloc will be affected.

The tariff suspension does not apply to China. Trump increased tariffs on Chinese imports to 125% late Wednesday.

Von der Leyen described the suspension of reciprocal tariffs as "an important step towards stabilising the global economy."

"Clear and predictable conditions are essential for trade and supply chains to function," she said.

Before Trump's announcement on Wednesday, EU member states voted to approve retaliatory tariffs on $23 billion worth of American goods in response to Trump's 25 percent tariffs on steel and aluminum imported from the bloc.

The EU, the US's largest trading partner, described them as "unreasonable and harmful".

The tariffs will take effect in different stages, some on April 15, others on May 15 and December 1. The European Commission did not provide a list of affected goods.

Von der Leyen gave no indication on Thursday that the timeline for EU tariffs on US goods had changed.

EU members – the world's largest trading bloc – reiterated their preference for a negotiated agreement to resolve trade issues, and von der Leyen stressed this commitment, "with the aim of achieving barrier-free and mutually beneficial trade."

However, the head of the EU's executive branch - which negotiates trade agreements and disputes on behalf of member states - said Europe aims to have multiple trading partnerships.

She said the EU would continue to "engage with countries that account for 87% of global trade and that share our stance on a free and open exchange of goods, services and ideas", as well as to remove barriers to trade within its single market.

"Together, Europeans will emerge stronger from this crisis," von der Leyen said./ REL