Trump Delays 50 Percent Tariffs on European Imports
U.S. President agrees to postpone import tariffs after discussions with EU Commission President Ursula von der Leyen
President Donald Trump announced on Sunday that he has agreed to delay the implementation of a 50 percent tariff on imports from the European Union until July 9. The tariffs were originally set to take effect on June 1.
The decision follows what Trump described as a 'very good phone call' with Ursula von der Leyen, the President of the European Commission.
Trump stated that von der Leyen is seeking serious negotiations and that a delay is necessary to reach a favorable agreement.
The trade conflict between the United States and Europe has been ongoing, with the EU imposing retaliatory tariffs in April, which were subsequently suspended for 90 days shortly after their announcement.
Trump has specifically targeted 'non-monetary trade barriers' and countries or trade blocs that maintain trade deficits with the United States.
A trade deficit occurs when the U.S. imports more from a trading partner than it exports to that partner.
According to data from the U.S. Department of Commerce, the U.S. had a trade deficit of $236 billion with the EU last year.
On Sunday, Trump also indicated that he aligns with Treasury Secretary Scott Bessent's recent comments, suggesting that it is not necessary to bring textile manufacturing back to the United States.
In reaction to the news of the tariff delay, Asian stock markets recorded modest gains on Monday.
Japan's benchmark Nikkei 225 rose by 0.8 percent in early trading, while South Korea's KOSPI index increased by 0.9 percent.
China's Shanghai Composite index saw a rise of 0.3 percent.
The decision follows what Trump described as a 'very good phone call' with Ursula von der Leyen, the President of the European Commission.
Trump stated that von der Leyen is seeking serious negotiations and that a delay is necessary to reach a favorable agreement.
The trade conflict between the United States and Europe has been ongoing, with the EU imposing retaliatory tariffs in April, which were subsequently suspended for 90 days shortly after their announcement.
Trump has specifically targeted 'non-monetary trade barriers' and countries or trade blocs that maintain trade deficits with the United States.
A trade deficit occurs when the U.S. imports more from a trading partner than it exports to that partner.
According to data from the U.S. Department of Commerce, the U.S. had a trade deficit of $236 billion with the EU last year.
On Sunday, Trump also indicated that he aligns with Treasury Secretary Scott Bessent's recent comments, suggesting that it is not necessary to bring textile manufacturing back to the United States.
In reaction to the news of the tariff delay, Asian stock markets recorded modest gains on Monday.
Japan's benchmark Nikkei 225 rose by 0.8 percent in early trading, while South Korea's KOSPI index increased by 0.9 percent.
China's Shanghai Composite index saw a rise of 0.3 percent.
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