Kathmandu. European Union (EU) chief Ursula von der Leyen on Thursday welcomed US President Donald Trump’s decision to halt planned tariff hikes as an “important step towards stabilising the global economy”.
“Clear, predictable conditions are necessary for trade and supply chains to function,” the European Commission president said in a statement, reiterating the bloc’s proposal for bilateral tariff exemptions for cars and other industrial goods. “The European Union is committed to constructive dialogue with the United States.” The EU was hit with a 20 percent tariff as part of Trump’s global tariffs and the commission is preparing a response.
However, Brussels has made it clear that it does not intend to retaliate. Trump sent global markets into chaos last week by announcing punitive tariffs before announcing a 90-day freeze on nearly all countries on Wednesday.
The 27-nation EU is one of dozens of countries now facing a basic tariff rate of 10 percent. Japan is also among the countries facing a basic tariff rate of 10 percent, but not China. The bloc is already subject to US tariffs on steel and aluminum, which it retaliated against on Wednesday.
Trump’s aggressive trade moves and hostile rhetoric against the EU have focused attention in Brussels. Leaders are now moving to forge closer trade ties with other countries, including India. “Europe remains focused on diversifying its trade partnerships, engaging with countries that account for 87 percent of world trade,” von der Leyen said. The EU will also strengthen its single market and remove barriers, she said.
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