(fxcue news) - European stocks may open on a positive note Friday as temporary tariff relief help ease economic worries. Following U.S. President Donald Trump's tariff reversal, the European Union has put on hold the countermeasures against Trump's sweeping tariffs for 90 days. Trump said there will be a transition cost, and transition problems due to tariffs, but in the end, it's going to be a beautiful thing. In another development, Trump has threatened Mexico with sanctions and tariffs in a dispute over water sharing. In economic news, U.S. reports on producer price inflation and consumer sentiment may garner some attention later in the day. The first-quarter U.S. earnings season officially gets underway today, with JPMorganChase, Morgan Stanley and Wells Fargo expected to post underwhelming results due to ongoing uncertainty surrounding tariffs. Closer home, monthly GDP estimates, industrial production and foreign trade from the U.K. and final inflation data from Germany are awaited later in the day. Asian markets were broadly lower, with Japan's Nikkei falling more than 4 percent as the dollar slumped 1 percent to 142.88 yen, its lowest since September 30 on safe-haven bets. Chinese and Hong Kong stocks clung to gains as investors bet on stimulus to support the economy. There were concerns that the U.S.-China trade war will probably get worse before it gets better. Bonds dropped and the dollar weakened, while the Swiss franc touched the highest level in a decade and gold set a new high on safe-haven demand. Oil edged up slightly but headed for a second weekly loss on demand concerns. U.S. stocks ended lower overnight after a historic rally seen in the previous session in response to the temporary tariff relief. President Trump didn't rule out extending his 90-day tariff pause but said if the White House can't come to new agreements with its trading partners, the steeper rates would go back into effect. In economic releases, U.S. inflation cooled broadly in March while there has been a slight increase in jobless claims last week. The tech-heavy Nasdaq Composite plunged 4.3 percent as the White House confirmed that the cumulative tariff rate on China would actually total 145 percent. The S&P 500 tumbled 3.5 percent and the Dow lost 2.5 percent. European shares logged their biggest one-day gains since 2022 on Thursday after Trump decided to delay new tariffs by 90 days.