US President Donald Trump has postponed the imposition of the 50% tariff on the European Union to July 9. The announcement was made on his Truth Social account shortly after he spoke with European Commission President Ursula von der Leyen.
“I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union. I agreed to the extension — July 9, 2025 — It was my privilege to do so. The Commission President said that talks will begin rapidly. Thank you for your attention to this matter!” Trump wrote on his Truth Social account.
Earlier, Trump had threatened to impose the 50% tariff beginning June 1, arguing that the EU was “being difficult” and that trade discussions were “going nowhere.” Following this announcement, both US and European markets ended lower on Friday.
European Commission President Ursula von der Leyen also commented on social media, saying she had a good conversation with President Trump and emphasized that the EU and US share the world’s most consequential and close trade relationship.
In 2024, the US imported goods worth $605.8 billion from the EU, a 5.1% increase over 2023, according to data from the US Trade Representative. Exports to the EU stood at $370.2 billion, resulting in a trade deficit of $235.6 billion — a 12.9% rise compared to the previous year.
The EU had previously been targeted for a 20% tariff under the reciprocal rate structure announced in April.
According to Bloomberg Economics, Trump’s proposed 50% tariff would affect $321 billion in US-EU trade, potentially reducing US GDP by around 0.6% and pushing consumer prices up by more than 0.3%.
(With Inputs From Agencies.)