Donald Trump moves imposition of 50% tariffs on EU goods to July 9

Bloomberg says that US President Donald Trump agreed to move the imposition of tariffs on goods from Europe to July 9 during a phone call with Ursula von der Leyen, European Commission President. Last week, the US leader announced his intention to introduce a 50% levy on EU imports starting June 1, as he believes the bloc is slow-walking trade talks. 

As von der Leyen said later, Europe is ready to advance negotiations decisively and swiftly, yet reaching a favorable deal will take time until July 9. This is the date that the US administration’s tariff pause had originally been set to end, Bloomberg adds. 

European officials suggest the United States and European Union could take import duties on many goods down to zero, the news agency notes. At the same time, Michael Faulkender, US Deputy Treasury Secretary, says the country is simultaneously negotiating with the EU, and seeking to eliminate most of the so-called non-tariff barriers with individual nations in the bloc.

Bloomberg Economics reports that imposition of Trump’s 50% duties would weigh on US-EU goods trade, estimated to be $321 billion. At the same time, the United States would see GDP contracting by almost 0.6% and prices rising by over 0.3%.