President Donald Trump said Sunday he will extend the deadline to impose a 50% tariff on European Union goods until July 9, according to Bloomberg. The move follows a phone call with European Commission President Ursula von der Leyen. Von der Leyen said Europe is prepared to advance trade talks quickly but needs until July 9 to reach a deal. Trump initially paused reciprocal tariffs in April, which would have set a 20% rate, but threatened to raise the figure to 50% last week over what he described as EU stalling and unfair treatment of U.S. firms. Bloomberg Economics estimates the proposed tariff could impact $321 billion in goods trade, cut U.S. GDP by nearly 0.6%, and increase prices by over 0.3%.
