Intel stock extends gains after report of possible U.S. government stake
Investing.com-- U.S. President Donald Trump on Sunday agreed to calls from the European Union that he extend his proposed 50% tariffs against the bloc by another month to early-July.
“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. I agreed to the extension — July 9, 2025 — It was my privilege to do so,” Trump said in a post on Truth.Social, adding that talks with the EU will “begin rapidly.”
Trump’s post came just a few hours after EU leader von der Leyen said she had a “good call” with Trump, and that Europe was ready to advance talks “swiftly and decisively.”
The U.S. President had last week threatened to ratchet up his trade war by pushing for a 50% tariff on EU goods from June 1. It was not immediately clear if the 50% levy was in addition to Trump’s proposed 20% tariffs on the EU, which are also set to take effect from early July.
Trump’s threat against the EU was driven by the President’s belief that talks with the EU were not progressing fast enough.
But his comments on Sunday present another instance of the President introducing and then quickly backtracking on his tariff plans.
Trump had in early-April outlined a host of “reciprocal” trade tariffs against major trading partners, but had shortly after delayed the levies by three months.
He had progressed with steep tariffs against China, engaging in a bitter trade war with Beijing. But the U.S. and China agreed to a deescalation earlier in May.