Trump's Tariff U-Turn Eases Tensions, but Uncertainty Lingers

President Donald Trump has temporarily lowered tariffs on multiple countries, leading the European Union to pause planned countermeasures. While global markets reacted positively to the news, uncertainty remains due to ongoing trade tensions, particularly with China. The EU remains ready to reinstate counter-tariffs if negotiations don't satisfy.

In a surprising shift, President Donald Trump has temporarily eased tariffs on several countries, prompting the European Union to hold off on implementing its planned countermeasures against U.S. trade policies, European Commission chief Ursula von der Leyen announced on Thursday.

The EU had been preparing to impose counter-tariffs on approximately 21 billion euros worth of U.S. imports. However, Trump's decision to lower recently instituted high duties brought a sigh of relief to global markets and leaders, despite his continued trade war efforts with China.

While the U.S. stock market surged on the news, significant trade tensions, especially involving China, persist. A Commerce Ministry spokesperson emphasized China's preparedness to respond if necessary and reiterated the importance of mutual respect in negotiations.

(With inputs from agencies.)