(BRUSSELS) — The European Union is pausing countermeasures against U.S. tariffs for 90 days. It comes after President Trump announced a 90 pause yesterday on some tariffs. Yesterday, the EU voted in favor of a package that was meant to respond to U.S. tariffs on steel and aluminum that were put in place last month. The EU’s retaliatory tariffs were meant to go into effect on April 15th. European Commission President Ursula von der Leyen said they want to give negotiations with the U.S. a chance.
Early Thursday, stocks are sharply lower one day after President Trump announced the pause on some tariffs for 90 days. The announcement caused a huge rally on Wall Street yesterday with the S&P 500 having it’s third largest gain in one day since World War Two. The Dow Jones Industrial Average has been down as much as 800 points early Thursday, while the S&P 500 and the Nasdaq have been down over two-percent.
Meanwhile, the latest consumer price index showed inflation eased in March. The headline consumer price index fell 0.1% on the month in March, when analysts were expecting a 0.1% rise, following 0.2% gains in February. The headline CPI rose 2.4% year-on-year in March, down from analyst expectations of 2.6%, and down from 2.8% the previous month.
