MIRIAM NNOLI 
The President of the European Union (EU) Commission, Ursula von der Leyen, on Thursday welcomed United States (US) President, Donald Trump’s announcement that he was pausing new “Reciprocal tariffs’’ on most countries for 90 days to allow for negotiations.
This comes as the EU member states agreed to retaliatory tariffs of 10 per cent to 25 per cent on US imports, which are due to be implemented next week.
New Telegraph reports that the development was in response to the US tariffs on steel and aluminum imports imposed about a month ago by President Trump.
READ ALSO
- Trump Pauses Tariffs On Most Nations For 90 Days, Raises China’s To 125%
- European Markets Open Higher After Days Of Losses As China Vows To Fight Trump Tariffs
- Trump’s Tariff Regime: Africa Needs Transformative Change – Obi
“It’s an important step toward stabilising the global economy. Clear, predictable conditions are essential for trade and supply chains to function.
“The European Union remains committed to constructive negotiations with the U.S., intending to achieve frictionless and mutually beneficial trade.’ von der Leyen said.
US stocks showed an astonishingly strong move back to the upside on Wednesday following Trump’s announcement, after the nosedive seen over the past few days.
