Europe

Facebook and Google could pay $8.8 billion in potential fines combined.

They all reject the U.S. view that the import tariffs are justified by U.S. national security concerns and are therefore exempt from the WTO rules.

German companies also face the prospect of possible extra levies -- Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum in March but the European Union has been granted exemptions until June 1.

European officials have said they looking for ways to help their companies escape the brunt of the U.S. sanctions.

Despite their decision to hold fire on Thursday, policymakers insisted that further rate increases are likely.