President Donald Trump stunned European officials and caught some of his own senior advisers off guard with his snap decision Friday to reignite his market-rattling trade war with the European Union.

The European Union and the United States are heading back to the bargaining table after President Trump reversed course on a 50% tariff on goods from the E.U.

Bank of England Governor Andrew Bailey said on Thursday that he hoped there would be closer cooperation in future between Britain and regulators in the European Union on financial services and broader trade issues.

Bank of England governor Andrew Bailey has called on the government to “minimise the negative effects” of Brexit by seeking closer alignment with the EU. Bailey made the case on Thursday for non-tariff barriers to be reduced, particularly in the financial services industry, saying that less red tape would boost trade and economic growth.

Months of erratic policies have dampened the U.S. dollar’s status as a safe-haven currency—but it bodes well for the euro.

The European Commission is discussing with the United States possible cooperation in sectors such as aerospace, steel, semiconductors and critical minerals, European Trade Commissioner Maros Sefcovic said on Wednesday.