President of the European Commission Ursula von der Leyen said that the bloc will adopt countermeasures and plans to keep it on hold for now, 'to give negotiations a chance...if negotiations are not satisfactory, our countermeasures will kick in' after Trump's U-turn on the matter. On Wednesday, the European nations gave a go-ahead to the list of measures to target American products. This was in response to the taxes levied on steel and aluminium exports.

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Also read: 'WTF! Who’s in charge?': US trade representative unaware of Trump's '90-day tariff pause'; irked Democrats react

Trump, after going on a spree of imposing tariffs, has suddenly decided to apply the brakes. In his recent post on Truth Social read: “More than 75 countries have contacted U.S. representatives, and, at my strong urging, have not retaliated in any way, shape, or form." 

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He added, "In light of this, I have authorized a 90-day PAUSE and a significantly reduced reciprocal tariff of 10% during this period, effective immediately. Thank you for your attention to this matter!”

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After this massive U-turn the EU chief, also took to her social media account to write, "I welcome President Trump’s announcement to pause reciprocal tariffs. It’s an important step towards stabilizing the global economy. Tariffs are taxes that only hurt businesses and consumers. That’s why I’ve consistently advocated for a zero-for-zero tariff agreement between the European Union and the United States."

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She added,"We took note of the announcement by President Trump. We want to give negotiations a chance. While finalising the adoption of the EU countermeasures that saw strong support from our Member States, we will put them on hold for 90 days. If negotiations are not satisfactory, our countermeasures will kick in. Preparatory work on further countermeasures continues. As I have said before, all options remain on the table."