Tariff suspension ‘the first right step,’ Polish finance minister says

Polish Finance Minister Andrzej Domanski welcomed the U.S. temporary suspension of most reciprocal tariffs.

“The first right step towards de-escalation. Less emotion, more focus on economic growth,” he said in a Google-translated social media post.

Poland has historically been a stalwart U.S. ally in Europe, especially in matters of regional security. As a member of the European Union, Poland was struck with 20% reciprocal tariffs under the White House’s April 2 announcement.

— Ruxandra Iordache

European markets soar at market open

European stocks soared at the Thursday market open, with the Stoxx 600 index up by 7.25% by 8:21 a.m. London time.

All sectors were in the green at the start of the session, with banks, autos and health care logging some of the highest hikes, higher by 9.95%, 7.43% and 7.41%, respectively.

— Ruxandra Iordache

ASEAN group vows no trade retaliation against the U.S.

The 10-member ASEAN group pledged not to impose any retaliatory measures in response to White House tariffs and to “engage in a frank and constructive dialogue” with Washington on trade relations.

“We regard the U.S. as a longstanding and valued economic partner of ASEAN,” the group said in a statement, adding, “We remain committed to safeguarding ASEAN’s economic interests as well as maintaining strong and mutually beneficial trade relations with the U.S.”

The ASEAN group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. 

— Ruxandra Iordache

European Union welcomes Trump tariff reprieve: von der Leyen

European Commission President Ursula von der Leyen welcomed Trump’s decision to pause “reciprocal” tariffs against several nations, adding the bloc “remains committed to constructive negotiations” with the White House.

“It’s an important step towards stabilizing the global economy. Clear, predictable conditions are essential for trade and supply chains to function,” she said in a social media post.

“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.”

At the same time, the EU, which on Wednesday voted to approve its first set of retaliatory steps to counter U.S. tariffs on steel and aluminum, is focusing on diversifying its trade partnerships, von der Leyen said.

— Ruxandra Iordache

Trump unlikely to revamp extreme tariff policies, but ‘the damage has been done’: Deutsche Bank

In a note to clients on Wednesday evening, Deutsche Bank Research’s George Saravelos noted that U.S. President Donald Trump had mentioned the bond market during his press conference at the White House that day.

“The administration is finally signalling responsiveness to the very extreme market conditions we highlighted in the morning. At the margin, this should reduce the probability that such an extreme policy mix returns,” Saravelos said.

Stocks on Wall Street surged on Wednesday after Trump announced a 90-day pause on country-specific tariffs, with the exception of new duties on China.

Despite the market response, Saravelos warned that “the damage has been done” by Trump’s reciprocal tariffs policy.

“Even if the tariffs are permanently suspended, damage has been done to the economy via a permanent sense of unpredictability in policy,” Saravelos explained. “The events of the last few weeks will resonate amongst global economic partners during the upcoming negotiations on trade and indeed for many years to come. The desire to build greater strategic independence from the US across all fronts will be here to stay.”

— Chloe Taylor