Overview

• Trump announced on Truth Social that he would postpone the 50% tariff on EU goods from June 1 until July 9 after von der Leyen requested extra time for a “good deal”.
• European stock indices rallied on news of the delay as investors eyed renewed hopes for U.S.-EU trade talks.
• The deferred duty would have targeted about $606 billion in EU exports, adding to an existing U.S. goods trade deficit of $236 billion; U.S. tariffs of 10% on most imports plus 25% on cars, steel and aluminum remain in force.
• EU officials including trade commissioner Maroš Šefčovič called for “serious negotiations” before the new July 9 deadline in order to avert retaliatory measures.
• Brussels has prepared retaliatory tariffs on nearly €100 billion of U.S. goods if negotiations fail to yield a mutually acceptable accord.