Donald Trump in the Oval Office. Photo: Shutterstock Editorial / Profimedia Images
US President Donald Trump on Sunday gave up his threat to apply 50% customs duties to the European Union next month, accepting to extend the deadline until July 9 so that negotiations between Washington and the EU will lead to an agreement, Reuters reports.
Trump had announced on Friday that he had decided to enter into force of 50 % tariffs on June 1, because the discussions with the EU does not advance enough. The threat of the US president shook the global financial markets and intensified the commercial war, which was marked by frequent changes in customs policies towards the US partners and allies.
Trump, who repeatedly expressed his disapproval of the EU and how he treats the United States in the field of trade, has given up after the President of the European Commission, Ursula von Der Leyen, told her on Sunday that the EU needs more time to reach an agreement.
Von der leyen told him that the EU needs time
She asked her during a telephone call to postpone the tariffs until July, the deadline she had initially set when she announced the new rates in April. Trump told the press that he had the request of the head of the Community Executive.
“We had a very pleasant call and I agreed to postpone it. She said we would meet quickly and see if we could solve something,” Trump said before returning to Washington after a weekend in New Jersey.
Von Der Leyen also said in an X post that he had a “good conversation” with Trump and that the EU is ready to act quickly.
“Europe is ready to advance the discussions quickly and decisively. To reach a good agreement, we would need time until July 9,” she said.
The Euro and the US dollar increased towards the Swiss yen and franc, refuge coins, after the deadline extends.
Friday Trump said something else
At the beginning of April, Trump set a period of 90 days for the Commercial Negotiations between the EU and the United States, which was to end on July 9. But on Friday he gave this calendar over the head and stated that he is not interested in an agreement.
“I am not looking for an agreement. I set the understanding – it is 50%,” said Trump. According to his statement the main indices of American scholars and European actions decreased, and the dollar lost value.
Trump has tried to change the world economy through his commercial policies, but after his April announcement on customs tariffs for several countries caused disorders on financial markets, he has resigned threats in favor of negotiations. Since then, Washington has concluded a pact with the UK and has been discussing China.
But the progress with the European Union was some limited, arousing Trump's irritation and adding to the wider tensions between the two allies on Trump's agenda “America on the first place” and the long-term dependence of US Europe for security and defense needs.
