The decision by US President Donald Trump to “freeze” the retaliatory tariffs he had imposed on most US trading partners is an important step towards stabilising the global economy, European Commission President Ursula von der Leyen said today.

“Clear, predictable conditions are essential for the functioning of trade and supply chains,” von der Leyen commented in a post on X, underlining that the EU remains committed to constructive negotiations with the US with the aim of achieving “mutually beneficial and frictionless trade.”

As the Commission President explained, tariffs are taxes that only hurt businesses and consumers. “That is why I am firmly in favour of a zero tariff agreement between the EU and the US,” he said.

“At the same time, Europe continues to focus on diversifying its trade partnerships, trading with countries that account for 87% of global trade and which share our commitment to a free and open exchange of goods, services and ideas,” she continued.

According to Ms von der Leyen, Europe is also stepping up efforts to remove barriers to the single market: “This crisis has made one thing clear: in uncertain times the single market is the anchor of our stability and resilience.”

Recall that last week Trump announced an additional 20% tariff on imports of goods from the EU. In a stunning turn of events, the US president said yesterday that he would suspend for 90 days the application of additional “retaliatory” tariffs on US trading partners, with the exception of China.

However, Trump’s announcement does not address the tariffs his administration has already imposed on imports of cars, aluminum and steel. EU member countries yesterday approved the first countermeasures to those tariffs, which will take effect next week.