uropean Commission President Ursula von der Leyen has welcomed US President Donald Trump’s decision to pause planned tariff increases as an “important step towards stabilising the global economy”.
Mr Trump’s u-turn came less than 24 hours after steep new tariffs kicked in on most trading partners and has sent battered global stock markets surging again.
It followed the most intense episode of financial market volatility since the early days of the Covid-19 pandemic.
“Clear, predictable conditions are essential for trade and supply chains to function,” Ms von der Leyen said in a statement.
“The European Union remains committed to constructive negotiations with the United States,” she added, reiterating the bloc’s offer of a bilateral tariff exemption for cars and other industrial goods.
The EU was hit with a 20% rate as part of Mr Trump’s universal tariffs and the commission has been preparing its response, although Brussels has made it clear it would prefer to avoid retaliation.
The 27-nation EU is among dozens of countries, including Japan – but not China – that now face a baseline tariff rate of 10%.
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.
Mr 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% of global trade,” Ms von der Leyen said.
The EU will also bolster its own single market and remove barriers, she added.
Harris briefs Šefčovič after US visit
Tánaiste Simon Harris has had further engagement with the EU Trade Commissioner after his detailed and substantive discussion with US Commerce Secretary Howard Lutnik in Washington DC in recent hours.
Mr Harris took the opportunity to debrief Maroš Šefčovič on the content of the discussions.
The two also discussed the ongoing preparations at a European level to have meaningful engagement with the United States.
Speaking this morning, the Tánaiste said it has been his “consistent position”, and that of the Irish Government and the European Union, that “substantive, calm, measured dialogue” with the US is needed.
“It has always been our preference that would have happened before tariff announcements. Clearly that was not the position of the United States,” he said.
“However, after my discussions yesterday, it is now clear to me that such engagement and negotiation is likely.
“I believe it needs to have in a timely fashion. All sides need to engage in good faith because uncertainly and turmoil is not the way forward.
“The trading relationship between the EU and the US is worth €1.6 trillion per year. It’s massively important in terms of jobs, growth and investment in Ireland, across the European Union and in America.”
Mr Harris said yesterday’s discussions with Secretary Lutnik were an “opportunity to be updated directly and to gain an insight into the US position on a range of these matters”.
“I look forward to further engagement with my European counterparts in the hours and days ahead,” he added.
