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%.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Donald Trump said Sunday it will extend the deadline and impose a 50% tariff
00:06on European Union goods until July 9th, according to Bloomberg, who follows a phone call with
00:11European Commission President Ursula von der Leyen. Von der Leyen said Europe is prepared
00:15to advance trade talks quickly, but needs until July 9th to reach a deal. Trump initially paused
00:20reciprocal tariffs in April, which would have set a 20% rate, but threatened to raise the figure
00:25to 50% last week from what he described as EU stalling and unfair treatment of U.S. firms.
00:31Bloomberg Economics estimates the proposed tariff could impact $321 billion in goods trade,
00:37cut U.S. GDP by nearly 0.6%, and increased prices by over 0.3%.
00:41For all things money, visit Benzinga.com slash GSTV.