President Donald Trump said Sunday that he has agreed to delay a 50% tariff on European Union imports until July 9, the latest instance of Trump declaring an impending tariff and throwing markets into confusion only to later walk back the threatened levies. Trump said he and European Commission President Ursula von der Leyen had a "very nice call" that led to the delay. "(Von der Leyen) said she wants to get down to serious negotiation," Trump told reporters at Morristown Municipal Airport in New Jersey. "July 9 would be the day, that was the date she requested. Could we move it from June 1 to July 9? I agreed to do that." "She said we will rapidly get together and see if we can work something out," he added. As recently as Friday, Trump said he was "not looking for a deal" with the EU, and that their tariff rate was set at 50% and would go into effect on June 1. That rate would have come after he had imposed a 20% reciprocal tariff on the EU in April — which itself was also delayed, as were other so-called reciprocal tariffs. Minutes after speaking with reporters, Trump posted on Truth Social that "talks will begin rapidly." Earlier in the day, von der Leyen had posted on X that there was a "good call" with Trump. "The EU and US share the world's most consequential and close trade relationship," von der Leyen posted. "Europe is ready to advance talks swiftly and decisively. To reach a good deal, we would need the time until July 9." Following news of the delay, stock markets in Asia posted modest gains on Monday. Japan's benchmark Nikkei 225 rose as much as 0.8% in early trading, while South Korea's KOSPI gained 0.9%. China's Shanghai Composite Index edged up 0.3%. Taiwan's TAIEX and Australia's S&P/ASX 200 traded relatively flat, while Hong Kong's Hang Seng Index slipped 0.3%. Trump has taken a particular issue with "non-monetary trade barriers," as he has repeatedly called them, as well as countries or trading blocs that run trade deficits with the United States. Those occur when the US purchases more from another trading partner than that country purchases from the US. Last year, the United States ran a $236 billion trade deficit with the EU, according to US Commerce Department data. Trump also said Sunday that he "tended to agree" with recent comments from Treasury Secretary Scott Bessent on not needing to return textile manufacturing to the United States. "We're not looking to make sneakers and t-shirts ... we want to make military equipment," Trump said. "We want to make big things. We want to do the 'AI thing' with the computers." — CNN
