European Commission President, Ursula von der Leyen, on Thursday welcomed U.S. President Donald Trump’s announcement that he was pausing new “reciprocal tariffs’’ on most countries for 90 days to allow for negotiations.

“It’s an important step toward stabilising the global economy.

“Clear, predictable conditions are essential for trade and supply chains to function.

“The European Union remains committed to constructive negotiations with the U.S., intending to achieve frictionless and mutually beneficial trade,’’ von der Leyen said.

On Wednesday, EU member states agreed to retaliatory tariffs of 10 per cent to 25 per cent on U.S. imports, which are due to be implemented from next week.

This was in response to the U.S. tariffs on steel and aluminium imports imposed about a month ago.

U.S stocks showed an astonishingly strong move back to the upside on Wednesday following Trump’s announcement, after the nosedive seen over the past few days.