President Donald Trump announced an extension of the 50% tariff deadline on the European Union until July 9, 2025. He mentioned receiving a call from Ursula von der Leyen, President of the European Commission, who requested the extension. "I agreed to the extension — July 9, 2025 — It was my privilege to do so," Trump stated on Truth Social.
Von der Leyen confirmed the conversation, indicating a need for additional time to negotiate a favorable agreement. She shared on X, "The EU and US share the world's most consequential and close trade relationship."
Prior to this, Trump implemented 20% tariffs on the EU under his "reciprocal tariffs" policy. This was temporarily adjusted to 10% for 90 days starting April 9. However, discussions appear strained, prompting Trump to propose a "straight 50% tariff" set to commence on June 1, citing challenges in negotiations with the 27-nation bloc. "Our discussions with them are going nowhere!" he remarked on Truth Social.
Despite indicating on Friday an intention not to reach an agreement before June 1, Trump explained his stance during a White House event: "I just said, it's time that we play the game the way I know how to play the game."
These ongoing trade discussions between the US and the EU continue to capture attention as stakeholders monitor developments closely.
Source: CNBC