The European Union will put on hold for 90 days its first countermeasures against U.S. President Donald Trump's tariffs, European Commission President Ursula von der Leyen said in a statement on X. "We took note of the announcement by President Trump.

Turning to the potential knock-on effect of a global trade war, von der Leyen said the EU “will not tolerate” Chinese goods hit by US tariffs being redirected to Europe, adding that Brussels would “take safeguards” if a new monitoring mechanism detected an increase in Chinese imports.

Novo Nordisk and Sanofi were among the companies threatening to hasten their exits to the U.S., as Trump promised pharma tariffs were coming “shortly.”