Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com - European Commission President Ursula von der Leyen said she "welcomed" U.S. President Donald Trump's dramatic reversal of his sweeping tariffs, arguing that it is an "important step towards stabilizing the global economy."
In a statement, von der Leyen added that "clear, predictable conditions are essential" for trade and supply chains to function, arguing that levies "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," von der Leyen said.
The EU remains committed to "constructive negotiations" with the U.S., with the goal of achieving "frictionless and mutually beneficial trade," she noted.
With financial markets around the world roiling, Trump abruptly revealed a reversal of most of his punishing and sweeping tariffs on a host of countries on Wednesday, saying he would pause them for 90 days. However, Trump said in a social media post that the countries would still face a "substantially lowered Reciprocal Tariff" of 10%.
Trump previously rolled out tariffs of 20% on the EU as part of these so-called "reciprocal" duties on countries around the world. Still, the bloc continues to face a 25% import levies on steel, aluminum and cars.
On Wednesday, EU member states had voted in favor of a proposal from its executive arm -- which is helmed by von der Leyen -- to introduce new trade countermeasures against the U.S. Von der Leyen did not mention the actions in her statement.
"Europe continues to focus on diversifying its trade partnerships, engaging with countries that account for 87% of global trade and share our commitment to a free and open exchange of goods, services, and ideas," von der Leyen said.
She added that the EU is stepping up its efforts to "lift barriers in our single market," noting that the tariff-driven crisis has heightened the importance of the trading area as "an anchor of stability" in times of financial uncertainty.