The tariffs were slated to take effect starting on April 15, and to hit back at President Trump’s steel and aluminum levies.

The European Union will hold off on about 21 billion euros of retaliatory duties against American exports after President Trump paused his tariff plans for 90 days. Why it matters: It's another sign of cooling temperatures in what had been a rapidly escalating trade war between the U.

But the European Commission President warned: "If negotiations are not satisfactory, our countermeasures will kick in."