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US President Donald Trump makes an announcement regarding the Golden Dome missile defence shield in the Oval Office of the White House in Washington, DC, US, May 20, 2025. — Reuters
#Trump #delays #tariffs #July
Morreston: US President Donald Trump said on Sunday that he would withhold 10 percent of its taxes on the European Union by July 9 after a “very good call” with European Commission President Ursola Van Dare Leene.
Trump threatened to impose duties standing on Friday, June 1, expressing disappointment that negotiations were not going to “stop the” mutual “tariff”. But he agreed to delay revenue by July 9 on Sunday, when Van Der Leene needed more time to discuss.
Van Dare Leene “called me now … and she demanded an extension on June 1, and said she wanted to get into serious dialogue”, Trump told reporters before boarding in Air Force One in Morris Town, New Jersey.
He added, “And I agreed.
European Stock Markets-which was rioting on Friday after threatening 50 % tariffs on Friday-rally on Monday when investors welcomed the delay. The Paris CAC40 index increased by 1.1 % in the morning deals, while Frankfurt Dex increased by 1.6 %. London and Wall Street were closed for holidays.
The delay is an familiar ‘Trump model’.
Trump’s trade policies have raised concerns that they can give rise to recession and fuel inflation, while their stop start tariff announcements have sent stock markets on a roller coaster ride.
‘Serious negotiations’
Brussels and Washington are in talks to stop the All -Out Translantic Trade War and agreed to suspend tariff proceedings by July.
The US leader said on Friday that he was “not looking for a deal” with the European Union, and reiterated his stated view that the block was created to “benefit” from the United States. German’s Finance Minister Laus Klingbil on Sunday called for a “serious dialogue” with Washington, saying he had spoken to the US Treasury Secretary Scott Bestnt about the matter.
“We do not need further provocation but serious talks,” said Kalingbil, who is also the Vice -Chancellor of Germany.
The European Union has been subjected to 10 percent of the revenue, which Trump imposed on imports from almost every country around the world last month, as well as 25 percent of cars, steel and aluminum. The US president actually imposed 20 percent of the European Union, but as a result, it suspended it, which gave a place for negotiations.
The European Union’s Trade Commissioner, Maros Saifkoich, who spoke with his US counterparts on Friday, said the block “is committed to obtaining a deal” but trade relations should be based on “mutual respect, not threats”.
Brussels has announced plans to impose revenue on US goods, which costs 100 billion euros ($ 113 billion) if negotiations fail to contract. In 2024, the US trade deficit with the European Union was $ 236 billion.
But when you calculate services, where US firms are dominant, the European Commission accounts that this month the US trade deficit has been $ 57 billion. This month, Trump reached a trade agreement with the UK-though he retained a 10 percent “baseline” tariff on the country-and temporarily reduced his large-scale Levies on China to give a place for negotiations.
