‘We want to give negotiations a chance,’ says Ursula von der Leyen in announcement of 90-day pause

• We’ve been spared financial Armageddon, but Trump’s tariff chaos is far from over

The EU has suspended its retaliatory 25% tariffs on US goods for 90 days after Donald Trump’s dramatic climbdown in his trade war.

The president of the European Commission, Ursula von der Leyen, said the EU would put on hold for 90 days the countermeasures – 25% tariffs on €21bn (£18bn) of US goods – that it had agreed on Wednesday. “We want to give negotiations a chance,” she said. “If negotiations are not satisfactory, our countermeasures will kick in.”