“We had a very nice call, and I agreed to move it,” Trump told reporters after EU Commission President Ursula von der Leyen asked for a reprieve, saying the bloc “will rapidly get together and see if we can work something out.”
Von der Leyen wrote on X that she had a “good call” with Trump and that “Europe is ready to advance talks swiftly and decisively. To reach a good deal, we would need the time until July 9.”
The shift eased market nerves: the euro hit a four-week high and European shares rebounded, with autos up 1.4 percent and luxury stocks also firmer, reversing losses sparked by Trump’s Friday warning, according to news reports.
The EU already faces 25-percent US duties on steel, aluminum and cars, and a 10-percent “reciprocal” levy on most other goods, slated to double in July if no accord is struck.
Trump has now dangled an even steeper 50-percent rate should negotiations fail, a move that could hike US prices on everything from German cars to Italian olive oil, the Reuters news agency reported.
Talks remain stuck, people familiar with the process said, with Washington pushing unilateral concessions while Brussels insists on mutual benefits, according to Reuters.
The tariff truce offers six more weeks to break the deadlock.
Trump, who has often railed against the EU’s trade practices, has recently struck deals with Britain and resumed talks with China, but progress with Europe has been more limited, Reuters reported.
(jh/gs)
Source: Reuters, PAP