Brussels, Belgium:
The European Union head Ursula von deer Leyen on Thursday welcomed US President Donald Trump’s decision to stop the planned tariff, which increases as “significant steps towards stabilizing the global economy”.
The European Commission Chairman said in a statement, “Apparent, approximate situation is necessary for business and supply chains.”
“The European Union is committed to creative dialogue with the United States,” he said, repeating the offer of bilateral tariff discount blocks for cars and other industrial goods.
The European Union was killed at a rate of 20 percent as part of Trump’s universal tariff and the commission is preparing its feedback, although Brussels have made it clear that it would prefer to avoid vengeance.
Trump announced the punishment tariff last week, throwing the global markets into anarchy until he announced on Wednesday that he was stopping measures for almost all countries for 90 days.
27-Nation is one of dozens of countries including the European Union Japan-but not China-which is now facing a basic tariff rate of 10 percent.
The block is also already subject to applying American tariffs on steel and aluminum, for which it retaliates on Wednesday and the auto sector.
Trump’s aggressive trade moves and hostile rhetoric against the European Union has focused on the brain in Brussels, now the leaders have scrambled to establish close trade relations with other countries including India.
Von Der Leyen said, “Europe focuses on diversity in its trade participation, which is associated with countries that account for 87 percent of global trade.”
He said that the European Union will also increase its own single market and remove obstacles.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)