Trump says 50% tariff on European Union delayed till July
President Trump stated Sunday that the U.S. will delay implementation of a 50% tariff on items from the European Union from June 1 till July 9 to purchase time for negotiations with the bloc.
That settlement got here after a name Sunday with Ursula von der Leyen, the president of the European Fee, who had instructed Mr. Trump that she “needs to get all the way down to critical negotiations,” in keeping with the president’s retelling.
“I instructed anyone that, they’ve to do this,” Mr. Trump instructed reporters on Sunday in Morristown, New Jersey, as he ready to return to Washington. Von der Leyen, Mr. Trump stated, vowed to “quickly get collectively and see if we will work one thing out.”
In a social media publish Friday, Mr. Trump had threatened to impose the 50% tariff on EU items, complaining that the 27-member bloc had been “very troublesome to cope with” on commerce and that negotiations had been “going nowhere.” These tariffs would have kicked in beginning June 1.
The announcement, together with threatened tariffs on Apple merchandise, despatched the inventory market tumbling Friday.
“Simply when markets believed the worst of the tariff battle had been overcome, President Trump threatened a 50% tariff towards the EU this week, beginning on 1 June, and a potential 25% tariff on iPhones produced overseas. This might all be a negotiating tactic, however the uncertainty attributable to this back-and-forth is just not good for international progress or markets,” Klaus Baader, an analyst with SG Securities, instructed buyers in a report.
However the name with von der Leyen appeared to clean over tensions, at the least for now.
“I agreed to the extension — July 9, 2025 — It was my privilege to take action,” Mr. Trump stated on Fact Social shortly after he spoke with reporters on Sunday night.
For her half, von der Leyen stated the EU and the U.S. “share the world’s most consequential and shut commerce relationship.”
“Europe is able to advance talks swiftly and decisively,” she stated. “To achieve an excellent deal, we would wish the time till July 9.”
