The European Union is putting retaliatory tariffs on US imports on hold for 90 days, European Commission President Ursula von der Leyen announced on Thursday.
“We want to give negotiations a chance,” von der Leyen said.
“If negotiations are not satisfactory, our countermeasures will kick in,” she added.
“Preparatory work on further countermeasures continues. As I have said before, all options remain on the table.”
On Wednesday, EU member states agreed to retaliatory tariffs of 10% to 25% on US imports, which were due to be implemented from next week, in response to the US tariffs on steel and aluminium imports imposed about a month ago.
In the past few weeks, the EU has repeatedly stressed its willingness to reach a negotiated solution with Washington.
Earlier on Thursday, von der Leyen said she welcomed US President Donald Trump’s announcement that he was pausing new “reciprocal tariffs” on most countries for 90 days to allow for negotiations.
“It’s an important step towards stabilizing the global economy,” von der Leyen said.
“Clear, predictable conditions are essential for trade and supply chains to function.”
Stocks showed an astonishingly strong move back to the upside following Trump’s announcement, after the nosedive seen over the past few days.