Trump tariff pause will help stabilise global economy: EU's Von der Leyen

US President Donald Trump's dramatic decision to pause hefty tariffs on dozens of countries was an important step towards stabilising the global economy, European Commission President Ursula von der Leyen said on Thursday.

Von der Leyen, who heads the EU's executive arm, said the bloc remained committed to constructive negotiations with the United States, with the goal of achieving "frictionless and mutually beneficial trade."

"Clear, predictable conditions are essential for trade and supply chains to function," she said in a statement on X.

Tariffs were taxes that only hurt businesses and consumers, she said, adding: "That’s why I’ve consistently advocated for a zero-for-zero tariff agreement between the European Union and the United States."

Trump last week had announced a broad 20 per cent tariff on U.S. imports from the EU as part of his global "reciprocal" tariffs levied on nations across the globe.

In a stunning reversal, Trump said on Wednesday he would temporarily lower the duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

Trump's announcement did not appear to affect duties recently imposed on autos, steel and aluminum that are already in place. The EU will launch its first countermeasures against the new levies on steel and aluminium next week.

Von der Leyen did not mention those countermeasures in her statement.

"At the same time, 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," she said.

She also said that the Europe was stepping up work to lift barriers in its single market.

"This crisis has made one thing clear: in times of uncertainty, the single market is our anchor of stability and resilience," she said.