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    Home»Business»Trump delays EU tariffs until July 9, European markets rally
    Business

    Trump delays EU tariffs until July 9, European markets rally

    AdminBy AdminNo Comments4 Mins Read
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    [BRUSSELS] US President Donald Trump backed away from his threat to impose 50 per cent tariffs on imports from the European Union next month, restoring a Jul nine deadline to allow for talks between Washington and the 27-nation bloc to produce a deal.

    European assets rallied on Monday (May 26). The euro hit its highest level against the US dollar since Apr 30, while futures in Europe and Germany indicated stocks would open up more than 1.5 per cent.

    Trump had said on Friday said he was recommending a 50 per cent tariff effective from Jun 1, expressing frustration that trade negotiations 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 towards US trading partners and allies.

    The US president’s softened stance two days later marked another temporary reprieve in his erratic trade policy, even if the latest whipsawing in decision making reminded policymakers and investors how quickly circumstances could change.

    Trump, who has repeatedly expressed disdain for the EU and its treatment of the US 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. Trump told reporters he had granted the request.

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    “We had a very nice call, and I agreed to move it,” 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.”

    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 Jul 9.”

    Automakers, luxury groups rally

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

    Talks have been stuck, with Washington demanding unilateral concessions from Brussels to open up to US business while the EU seeks an agreement in which both sides could gain, according to people familiar with the talks.

    The EU already faces 25 per cent US import tariffs on its steel, aluminium and cars and so-called “reciprocal” tariffs of 10 per cent for almost all other goods, a levy that had been due to rise to 20 per cent after Trump’s 90-day pause expires in July.

    The levy could now increase to 50 per cent in a no-deal scenario, which could raise consumer prices on everything from German BMWs and Porsches to Italian olive oil and hurt demand for French luxury handbags .

    Shares in European automakers, luxury retailers and wine and spirits manufacturers lead European stock futures higher.

    Major US stock indexes and European shares had dropped on Friday, and the US dollar had weakened, after Trump said Washington planned to impose 50 per cent tariffs on the EU from the beginning of June.

    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 dialled down his threats in favour of talks. Since then Washington has inked a pact with Britain and has held discussions with China.

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

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