This development comes as the EU seeks to balance its trade relationships, particularly with the US and China.
European Commission President Ursula von der Leyen has praised US President Donald Trump's decision to pause planned tariff increases, describing it as a significant move towards stabilising the global economy.
In a statement on her X handle on Thursday, von der Leyen highlighted the importance of clear and predictable trade conditions for the smooth operation of global supply chains.
Von der Leyen emphasised the EU's commitment to constructive negotiations with the US, stating, "Clear, predictable conditions are essential for trade and supply chains to function. The European Union remains committed to constructive negotiations with the United States.
This development comes as the EU seeks to balance its trade relationships, particularly with the US and China. The EU aims to promote a strong, reformed trading system that is free, fair, and based on a level playing field.
The EU's ongoing efforts to negotiate with the US reflect its commitment to finding mutually beneficial trade agreements that support global economic stability.
SaharaReporters reported on Wednesday that United States President Donald Trump had announced a complete pause on all the “reciprocal” tariffs that went into effect at midnight.
However, he exempted China from this pause.
In an escalation of the trade war with China, Trump increased reciprocal tariffs against China to 125%, up from 104%.
This move comes just hours after Trump was quoted as saying that some "countries were kissing his ass, pleading to negotiate."
SaharaReporters had earlier reported that the U.S. raised tariffs on Chinese goods to 104% following the expiration of a White House deadline for China to remove its retaliatory tariffs.
Meanwhile, the Director General of the World Trade Organization, Dr Ngozi Okonjo-Iweala, has warned that the US-China tariff war could reduce trade in goods between the two economic giants by 80 per cent, pulling down the rest of the world economy.
“The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80 percent,” WTO director general said in a statement on Wednesday.
She said the United States and China together accounted for three per cent of world trade and warned that the conflict could “severely damage the global economic outlook”.
Okonjo-Iweala warned that the world economy risked breaking into two blocs, one centred around the United States and the other China.
“Of particular concern is the potential fragmentation of global trade along geopolitical lines. A division of the global economy into two blocs could lead to a long-term reduction in global real GDP by nearly seven percent,” she said.
She urged all WTO members “to address this challenge through cooperation and dialogue”.
“It is critical for the global community to work together to preserve the openness of the international trading system,” said Okonjo-Iweala.
“WTO members have agency to protect the open, rules-based trading system. The WTO serves as a vital platform for dialogue. Resolving these issues within a cooperative framework is essential.”