The latest transatlantic trade storm, which started with US President Donald Trump threatening to impose 50 percent tariff on European Union exports on June 1, has subsided for now following a call between Trump and European Commission President Ursula von der Leyen. But the uncertainty over the relationship is far from over.

European Commissioner for Trade Maros Sefcovic wrote on X late on Monday night that he had good discussions with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer, saying the European Commission remains fully committed to constructive and focused efforts at reaching an EU-US deal.

European Commission spokeswoman Paula Pinho said on Monday that Trump and Von der Leyen agreed to "fast-track the trade negotiations and to stay in close contact", clearly referring to Trump's complaints that the US-EU talks are "going nowhere".

The commission and many EU member states have preferred a negotiated settlement during Trump's 90-day pause which expires on July 9. But they have also vowed to defend the EU's interests if negotiations fail. The commission has prepared countermeasures to hit 95 billion euros ($108 billion) worth of US exports. It will come on top of the EU's tariffs on 21 billion euros of US exports in retaliation for US tariffs on steel and aluminum, which the EU paused for 90 days unilaterally.

The transatlantic trade tensions could not have come at a worse time. The EU has been trying to revamp and revive its economy following the Mario Draghi report on EU competitiveness last fall. The report, by the former European central bank chief and economist, revealed many problems in the bloc's economy, especially in technology, in comparison with the US and China. The EU and the US had the same size of GDP in 2008, but the US' GDP now is 50 percent larger.

The trade tensions came amid the Russia-Ukraine conflict, which still shows no sure sign of ending despite many mediation efforts. Brussels' anxiety of losing full US support for Ukraine has weighed heavily on its trade negotiations with Washington.

Worst of all, Brussels seems to have no idea of what the US exactly wants from the trade talks. The EU has offered zero-for-zero tariff on industrial goods, which was quickly turned down by Trump. The EU has even offered to buy more US energy, weapons and tech, but it still has not been able to satisfy the US.

The EU has so far stood firm, not compromising on rules in agricultural goods and digital services, the major sources of complaints of the US. This is largely because it is politically difficult for the EU, which has witnessed widespread farmers' protests in the past year, plus its 27 member states have different interests.

The uncertainty over the transatlantic trade relations and beyond has caused huge anxiety in the business community, which finds it difficult to make investment and trade decisions.

European trade experts, including former European trade commissioner Cecilia Malmstrom, have called on the EU to diversify its trade portfolio and rethink its economic relationship with the US. There have been talks about the EU applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which China has also applied to join. There has also been talk of tapping trade and investment potential with China, including loosening some restrictive measures that target Chinese businesses.

Of course, there are also EU politicians trying to please some US hawks on China in order for the US to spare the EU in the trade war. But such a move would seriously damage the EU's reputation across the world for a long time to come.

It's good to learn that China's Minister of Commerce Wang Wentao and his EU counterpart Sefcovic will meet in Paris in early June on the sidelines of a World Trade Organization ministerial meeting.

China and the EU, which play vital roles in the global economy and trade, should shoulder the responsibility of upholding the multilateral global trading rules and norms and set a good example by expanding their cooperation. That would be beneficial for the EU and the world, and also good for its trade talks with the US.