France, April 10 -- European leaders have cautiously welcomed US President Donald Trump's announcement of a 90-day suspension of tariffs on many trading partners, viewing it as a potential step toward easing escalating trade tensions. China, however, remains excluded from the reprieve.

After days of turmoil on world stock exchanges in the wake of sweeping tariffs announced on 3 April,Donald Trump abruptly paused his trade war on most countries on Wednesday.

The move also offers a temporary pause in escalating transatlantic trade tensions and opens the door for renewed negotiations between Washington and Brussels.

European Commission President Ursula von der Leyen described it as an "important step towards stabilising the global economy...