Trump agrees to postpone tariffs on EU until July 9

US President Donald Trump has backed down from his threat to impose 50% tariffs on imports from the European Union next month. He extended until July 9 the deadline for negotiations between Washington and the bloc to conclude a deal.

Reuters reported that on May 23, Trump said he would recommend imposing 50% tariffs from June 1, frustrated that talks with the EU were not progressing quickly enough. The threat rattled global financial markets and escalated a trade war that has seen frequent U.S. trade policy changes.

Trump, who has repeatedly expressed contempt for the EU and its treatment of the United States on trade, backed down after European Commission President Ursula von der Leyen said the EU needed more time to reach an agreement.

Tags: EU, USA