US President Donald Trump backed away on Sunday from his threat to slap 50% tariffs on imports from the European Union next month, agreeing to extend the deadline until July 9 for talks between Washington and the 27-nation bloc to produce a deal.
Donald Trump on Friday said he was recommending a 50% tariff go into place on June 1 because of frustration that talks 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 toward US trading partners and allies.
Trump, who has repeatedly expressed disdain for the EU and its treatment of the United States 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.
