US-EU: EU To Assess US Tariff Pause Before Announcing Next Steps-Spox

In the wake of US President Donald Trump's pause on 'reciprocal' tariffs for 90 days, trade spox for the European Commission Olof Gill says the Commission "The European Commission will now take the necessary time to assess this latest development, in close consultation with our member states and industry, before deciding on the next step." Says "The EU remains committed to constructive negotiations with the United States, with the goal of achieving frictionless and mutually beneficial trade".

• The EU retaliatory tariffs related to the US' imposition of steel and aluminium levies last month were confirmed on 9 April and due to come into force 15 April. It remains to be seen whether these will be delayed.
• In a statement earlier this morning, Commission President Ursula von der Leyen called the pause "an important step towards stabilising the global economy".
• VdL also highlighted efforts to diversify trade, saying "At the same time, Europe continues to focus on diversifying its trade partnerships, engaging with countries that account for 87% of global trade and share our commitment to a free and open exchange of goods, services, and ideas."
• The extreme volatility seen in financial markets over the past week, and the impending economic impact, will have left a political mark in Brussels, with the Union and many of its member states likely to prove inclined to lessen their reliance on US demand that could leave them vulnerable to similar tariff action in the future.