Market News

Erin Doherty

Key Points

• U.S. President Donald Trump agreed to delay imposing a 50% tariff on European goods until July 9.
• “I agreed to the extension — July 9, 2025 — It was my privilege to do so,” Trump wrote on Truth Social.
• Ursula Von der Leyen, president of the European Commission, said that she needed until July 9 to “reach a good deal.”

President Donald Trump said Sunday that he agreed to an extension on the 50% tariff deadline on the European Union until July 9.

“I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union,” Trump wrote on Truth Social.

“I agreed to the extension — July 9, 2025 — It was my privilege to do so,” he added.

Trump’s post came after Von der Leyen said that she had a “good call” with Trump, but needed until July 9 to “reach a good deal.”

“The EU and US share the world’s most consequential and close trade relationship,” she wrote on X.

“Europe is ready to advance talks swiftly and decisively,” she continued.

Trump imposed 20% tariffs on the EU as part of his sweeping “reciprocal tariffs,” before slashing the rate down to 10% for 90 days on April 9.

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But Trump last week suggested a “straight 50% tariff” on the EU beginning on June 1, saying that the 27-nation bloc “has been very difficult to deal with.”

“Our discussions with them are going nowhere!” Trump wrote Friday on Truth Social.

He later said that he was not planning to strike a deal with the EU before June 1.

“I just said, it’s time that we play the game the way I know how to play the game,” he said during an executive order signing event at the White House.