The European Union, which includes Ireland, is putting its tariff countermeasures on hold after US President Donald Trump announced on Wednesday that the sweeping tariffs he had announced a week earlier would be paused for 90 days.
Ireland's Taoiseach Micheál Martin, speaking on Thursday, said he welcomed the EU decision to hold off on its tariff countermeasures.
"I do welcome the EU decision," the Taoiseach told reporters, "It's one that we're part of."
The Taoiseach said he believed the EU has, so far, taken the "correct posture and approach."
He continued: "Now we'll see in terms of getting into engagement in terms of negotiation and in the context of the 90-day pause, it makes sense that we would also pause countermeasures."
"We're not out of the woods yet"
The Taoiseach also said: "We had been told at the outset that there would be a negotiating pathway, not to overreach."
He said there was a "sense, although no clear pathway" that this "would end up in some negotiating process."
"We hope that still remains the case," he said, "because it's difficult to be definitive right now."
The Taoiseach said that believed the bond markets and what happened on them were "influential," as were the "people becoming more and more worried in terms of the impact on interest rates, mortgage interest rates, and so on in America."
He said: "So, all of those factors combined, I think has either accelerated the moment for negotiation."
He continued: "But we're not out of the woods yet. I mean, there are significant issues.
"The China-US economic conflict now is very worrying."
(Along with the 90-day pause, Trump announced on Wednesday a heightened 125% tariff on China. He also announced "a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.")
"That has, on its own, the capacity to continue to dampen investment and lead to instability in the markets," the Taoiseach said.
"And also, we're conscious that the 25% still remains, and we're looking at a 10% tariff as opposed to a 20% tariff."
I welcome the EU decision to pause countermeasures against US tariffs.
There is now an opportunity to get this onto a negotiation path. pic.twitter.com/sjFqJ54Nkp
— Micheál Martin (@MichealMartinTD) April 10, 2025
EU to hold off on reciprocal tariff countermeasures
"We took note of the announcement by President Trump," Ursula von der Leyen, President of the European Commission, said after Trump announced a 90-day pause on tariffs.
"We want to give negotiations a chance.
"While finalising the adoption of the EU countermeasures that saw strong support from our Member States, we will put them on hold for 90 days.
"If negotiations are not satisfactory, our countermeasures will kick in.
"Preparatory work on further countermeasures continues.
"As I have said before, all options remain on the table."
This brief statement was preceded by another, lengthier statement in which von der Leyen welcomed Trump's pause on reciprocal tariffs, calling it "an important step towards stabilizing the global economy."
She said: "Clear, predictable conditions are essential for trade and supply chains to function.
"Tariffs are taxes that only hurt businesses and consumers.
"That’s why I’ve consistently advocated for a zero-for-zero tariff agreement between the European Union and the United States."
She continued: "The European Union remains committed to constructive negotiations with the United States, with the goal of achieving frictionless and mutually beneficial trade.
"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.
"Finally, we are stepping up our work to lift barriers in our own single market. This crisis has made one thing clear: in times of uncertainty, the single market is our anchor of stability and resilience.
"My team and I will continue to work day and night to protect European consumers, workers and businesses.
"Together, Europeans will emerge stronger from this crisis."
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