Top CEOs have expressed relief after U.S. President Donald Trump backed away from further European tariffs, but told CNBC they were still prioritizing being resilient amid geopolitical instability and regionalization.

Conor Hillery, JP Morgan’s co-CEO for Europe, told CNBC European leaders’ tougher stance on Trump was “very good for business.”

Trump announced Wednesday that he and NATO Secretary General Mark Rutte had agreed on a “framework of a future deal” involving Greenland, and he would not proceed with 10% tariffs on eight European countries that had resisted his efforts.

European markets rebounded in morning dealmaking, with auto-related stocks notching the continent’s biggest gains. European carmakers are particularly sensitive to levies given their global supply chains and Stateside manufacturing operations.

Speaking to CNBC on Thursday from the World Economic Forum in Davos, Hillery said European leaders’ coordinated stance on Trump was “something that business has been crying out for.”

“It’s more cohesion among European leaders, more policy driven towards business growth, stability, innovation, investment and so forth. What you’ve seen over the last few days has obviously been more focused on Greenland and tariffs and so forth, and it has borne fruit,” he told CNBC’s “Squawk Box Europe.”