The European Union is delaying until mid-April its retaliatory trade action over the Trump administration’s increase in tariffs on all steel and aluminum imports to 25%, senior officials said Thursday.

The European Union has rescheduled imposing its first round of retaliatory tariffs against American goods from April 1 to mid-April, according to Reuters.

In a few short months, President Donald Trump has upended the $24 trillion market for global merchandise trade. In a dizzying series of announcements, he’s slapped hefty tariffs on free-trade deal partners like Canada and Mexico as well as economic rivals like China,

President Trump says reciprocal tariffs will kick in on April 2, when the U.S. will match the higher tariffs other countries impose on the U.S. Economists explain why this “tit for tat” strategy isn’t effective trade policy.

U.S. President Donald Trump on Wednesday said the Federal Reserve would be better off cutting rates "as U.S. tariffs start to transition (ease!) their way into the economy", on the day the central bank kept rates unchanged.