Trump: "I Agreed to Move It" - EU Tariff Deadline Extended

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." Julian Satterthwaite reports. Trump has delayed imposing 50% tariffs on goods from the EU. The president told reporters he would put back the move until July, after speaking to European Commission chief Ursula Von der Leyen: "And she asked for an extension on the June 1st date. And she said she wants to get down to serious negotiation because I've told you specifically, and I told anybody that would listen, they have to do that. And we had a very nice call, and I agreed to move it." Trump had threatened a June start date on Friday. He acted after becoming frustrated by the pace of talks with the EU. The threat sparked fresh turmoil on global markets at the end of last week, sending stocks skidding again. In social media posts on Sunday, Von der Leyen welcomed the delay, and said Europe was ready to move fast on talks. Trump also addressed the general purpose of tariffs, agreeing with past comments by Treasury Secretary Scott Bessent that the goal was not for the U.S. to start making low cost items like textiles: "We want make big things. We want do the AI thing with the computers and the many, many, many, many elements. But the textile, you know, I'm not looking to make t-shirts, to be honest. I'm not looking to make socks." Now the backtrack on EU tariffs may be welcomed by markets on Monday. But global stocks have been roiled for weeks by Washington’s erratic policymaking on trade. Critics say the uncertainty is making it impossible for businesses to plan for the future.