President Trump announced a delay of a planned 50% tariff on EU imports until July 9, following a phone call with European Commission President Ursula von der Leyen, who requested more time for negotiations.

The move temporarily eased market concerns, with Asian stocks posting modest gains.

Trump previously threatened to impose the tariffs on June 1, following an earlier 20% tariff on the EU, CNN has reported.

He emphasized wanting trade talks, criticizing trade deficits and non-monetary barriers, and expressed agreement with Treasury Secretary Scott Bessent about focusing U.S. manufacturing on military and high-tech industries rather than textiles.

Written by B.C. Begley