US President Donald Trump announced a delay in imposing a 50% tariff on European Union imports until July 9, following a phone call with EU Commission President Ursula von der Leyen. The decision comes after Trump had previously threatened to impose the tariffs and caused market uncertainty.
The agreement was reached after von der Leyen requested an earlier date of June 1. Trump agreed to move the deadline to July 9, stating that they would “rapidly get together” to negotiate a deal.
Earlier in the day, EU officials expressed willingness to advance talks on trade. Von der Leyen said there is now new momentum behind negotiations, with the EU ready to make a deal.
The delay has led to modest gains in Asian stock markets, including Japan’s Nikkei 225 and South Korea’s KOSPI. The news comes as Trump continues to focus on “non-monetary trade barriers” and countries that run trade deficits with the US.
The EU-US trade deficit was $236 billion last year, according to US Commerce Department data. Trump has also expressed support for Treasury Secretary Scott Bessent’s views on not returning textile manufacturing to the US.
Source: https://edition.cnn.com/2025/05/25/business/trump-eu-tariff-delay