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TAOISEACH Micheal Martin has warned that “we are not out of the woods yet” despite US President Donald Trump's u-turn on tariffs.

- LOUISE BURNE

It was described as a “moment of reprieve” by Tanaiste Simon Harris amid hopes that the EU's decision to pause countermeasures could lead to negotiation with the US.

President Trump shocked the world and the stock market on Wednesday evening when he announced that he was putting a 90-day pause on his “Liberation Day” tariffs.

The 20% tariff that was due to be placed on EU exports has now dropped to 10%. The separate 25% tariff on EU steel and aluminium is still in place.

However, European Commission President Ursula von der Leyen announced yesterday morning that countermeasures on the steel and aluminium tariffs that had been agreed upon by the EU just hours before the Trump announcement had also been paused for 90 days.

Speaking at Dublin Castle at the Shared Ireland Forum yesterday, the Taoiseach welcomed the pauses from both sides but warned that the battle is not over.

Mr Martin said: “We had been told at the outset that there would be a negotiating pathway, not to overreact. This is Europe, and indeed, ourselves in our bilateral exchanges and, indeed, talking to companies as well over the last number of weeks.