Trending Now
The Language of ChatGPT
Mining fiscal reform bill stalls over ore export...
Study ordered on feasibility of expanding P20 rice...
NG borrowing surges to P390B in April
SMC’s Boracay toll bridge to undergo Swiss challenge
CAMPI backs law to formalize auto incentives
Coffee seen as viable growth export to Europe...
Foreign chambers back passage of key reforms before...
Investor Lease Act amendments lack lessor protections —...
WB country partnership to focus on building PHL...
  • About Us
  • Contacts
  • Email Whitelisting
  • Privacy Policy
  • Terms and Conditions
DailyProfitTips.com
  • Editor’s Pick
  • Economy
  • Investing
  • Politics
  • World News
World News

Trump delays imposing 50% tariffs on EU until July 9

by May 26, 2025
May 26, 2025

MORRISTOWN, New Jersey — US President Donald J. Trump backed away on Sunday from his threat to slap 50% tariffs on imports from the European Union (EU) next month, agreeing to extend the deadline until July 9 for talks between Washington and the 27-nation bloc to produce a deal.

Mr. Trump on Friday said he was recommending a 50% tariff go into place on June 1 because of frustration that talks with the EU were not moving quickly enough. The threat roiled global financial markets and intensified a trade war that has been punctuated by frequent changes in tariff policies toward US trading partners and allies.

Mr. Trump, who has repeatedly expressed disdain for the EU and its treatment of the United States on trade, relented after European Commission President Ursula von der Leyen told him on Sunday that the EU needed more time to come to an agreement.

She asked him during a call to delay the tariffs until July, the deadline he had originally set when he announced new tariffs in April. Mr. Trump told reporters he had granted the request.

“We had a very nice call, and I agreed to move it,” Mr. Trump said before returning to Washington after a weekend in New Jersey. “She said we will rapidly get together and see if we can work something out.”

Ms. Von der Leyen said in a post on X that she had a “good call” with Trump and that the EU was ready to move quickly.

“Europe is ready to advance talks swiftly and decisively,” she said. “To reach a good deal, we would need the time until July 9.”

The euro and US dollar rose against the safe-haven yen and Swiss franc after the deadline extension.

In early April, Mr. Trump set a 90-day window for trade talks between the EU and the United States, which was to end on July 9. But on Friday he upended that timeframe and said he wasn’t interested in a deal at all.

“I’m not looking for a deal,” Mr. Trump said then. “We’ve set the deal — it’s at 50%.” Major US stock indexes and European shares dropped and the dollar weakened as a result.

Mr. Trump has sought to upend the world economy with his trade policies, but after his announcement in April of tariffs on multiple countries sparked financial market upheaval, he dialed down his threats in favor of talks. Since then Washington has inked a pact with Britain and has held discussions with China.

But progress with the EU has been more limited, sparking Mr. Trump’s ire and adding to broader tensions between the two allies over Mr. Trump’s “America first” agenda and Europe’s longtime reliance on Washington for security and defense needs. — Reuters

previous post
How High Egg Prices May Resemble High OPEC Cartel Oil Prices
next post
What Is the Rationale Behind Current US Tariff Policy?

Related Posts

Trump’s tariffs to remain in effect after appeals...

May 30, 2025

An aide, a diplomat and a spy: Who...

May 15, 2025

May Day protesters across US decry Trump policies,...

May 2, 2025

IMF slashes global outlook as White House says...

April 23, 2025

Brazil prosecutor general decides not to charge Bolsonaro...

March 28, 2025

North Korea leader Kim Jong Un touts AI...

March 27, 2025

White House mistakenly shares Yemen war plans with...

March 25, 2025

Thai PM faces censure motion as opposition takes...

March 24, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
    • About Us
    • Contacts
    • Email Whitelisting
    • Privacy Policy
    • Terms and Conditions

    Copyright © 2025 DailyProfitTips.com All Rights Reserved.

    DailyProfitTips.com
    • Editor’s Pick
    • Economy
    • Investing
    • Politics
    • World News