European markets breathed a sigh of relief after the on-again, off-again global trade war inspired by President Donald Trump was put on pause. The US and China will temporarily lower tariffs on each other’s products,

U.S. President Donald Trump said Monday that the European Union is worse than China, hours after Washington and Beijing agreed to slash respective punitive tariffs and deescalate their trade war.

The China deal, like the U.K. deal, still leaves the U.S. with much higher barriers to trade than it had before.