Trump agrees to extend the proposed 50% EU tariff to July 9, 2025, after a call with European Commission President Ursula von der Leyen. Talks are set to "begin rapidly," he said.

President Trump reversed course Sunday evening on his threats to impose huge tariffs on the European Union after talking with the bloc's head, extending the deadline for tariff implementation to July 9.

Trump announced the decision to reporters on Sunday following a call with European Commission President Ursula von der Leyen, who asked for more time to reach an agreement. July 9 is the end of the 90-day pause on Trump's "Liberation Day" levies on the EU and most other trade partners.

Japanese stocks may fluctuate after the yen weakened against the dollar as US President Donald Trump said he would extend the deadline for the European Union to face 50% tariffs until July 9.

President Donald Trump spoke with Russian President Vladimir Putin about ending the war in Ukraine, hosted the president of South Africa at the White House and threatened more stringent tariffs against the European Union this week.

The Trump administration sees tariff talks as a chance to pressure a rival into concessions. E.U. officials have acted as though they were dealing with an ally.

LVMH boss Bernard Arnault has criticised the EU’s efforts to strike a deal with the US to reduce Donald Trump’s tariffs, saying the bloc’s negotiations with Washington had got off to a “bad start”.

A string of U.S.-led deals with key trading partners could help reduce heightened uncertainty in the business community and financial markets but represent a “suboptimal” solution, says the European Union’s top economic official.