U.S. President Donald Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal."
Trump threatened on Friday to intensify his trade war after expressing frustrations that trade talks were not moving quickly enough, saying he wanted steep new import taxes to start on June 1. The threat roiled global markets.
Trump relented after European Commission President Ursula von der Leyen told him during a phone call that the EU needed more time to come to an agreement and asked him to delay the tariffs until July, the deadline he had originally set when he announced new tariffs in April.
Trump told reporters on Sunday that he had granted the request. He said that von der Leyen told him "we will rapidly get together to see if we can work something out." Von der Leyen said in a social media post that the EU was ready to move quickly in trade talks.
Von der Leyen said in a post on X on Sunday that she had a "good" phone call with Trump.
In early April, Trump had set a 90-day window for trade talks for the EU and the U.S. which was to end on July 9.
Source: Investing.com
Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economi...
Federal Reserve Governor Chris Waller, an advocate for an immediate interest rate cut, said on Friday he would accept the job as head of the U.S. central bank if asked by President Donald Trump, but s...
The case for a U.S. interest rate cut remains unresolved as Federal Reserve officials head into their policy meeting later this month, with data showing fresh signs of higher inflation and President D...
Federal Reserve Governor Christopher Waller said concerns about private-sector hiring have fueled his call for the central bank to cut interest rates this month. "The private sector is not performing ...
Federal Reserve Chairman Jerome Powell, in a letter on Thursday, rebutted criticism leveled at the central bank by a top White House official regarding the $2.5 billion renovation project. "We take se...
The EUYR/USD finished Friday's session with gains of over 0.26% amid a weaker US Dollar, following dovish comments by Fed Governor Christopher Waller, which weighed on US Treasury yields. Still, an improvement in Consumer Sentiment capped the...
The U.S. dollar slipped against the euro on Friday but held on to weekly gains, as investors weighed expected Federal Reserve policy amid signs that tariffs may be starting to increase some inflation pressures and as U.S. President Donald Trump...
Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from...
Unemployment claims fell 7,000 to 221,000 in the week ending July 12, compared with the median estimate of 233,000, according to Labor Department...
The United States Commerce Department is set to impose preliminary anti-dumping duties of 93.5% on graphite imported from China after concluding the...
US stocks advanced on Thursday, supported by upbeat earnings and solid economic data as markets brushed aside lingering concerns over President...
Federal Reserve Governor Adriana Kugler said the US central bank should keep interest rates steady "for some time," citing accelerating inflation as...