President Trump reversed course Sunday evening on his threats to impose huge tariffs on the European Union after talking with the bloc’s head, extending the deadline for tariff implementation to July 9.
Just two days after charging the bloc has been “very difficult to deal with” and declaring that discussions were “going nowhere,” Trump pushed back a hard deadline of June 1 for a “straight 50% Tariff on the European Union.”
This deadline changed Sunday after a call with Ursula von der Leyen, president of the European Commission, with Trump posting on Truth Social that an agreement to change the date of tariffs from June 1 to July 9 had been reached.
Talking to reporters in Morristown, New Jersey, Trump confirmed that “July 9 would be the day.” before adding “we will rapidly get together to see if we could work something out.”
The US has been pressuring the EU to cut tariffs on American goods, the Financial Times reported Friday. The EU is readying some $108B in retaliatory tariffs if talks fail, but leaders on Friday projected “calm” in their first response.
Trump had significantly escalated his trade war late last week, taking aim at Apple and the EU. In a one-two posting spree on Truth Social early Friday, he threatened Apple with 25% tariffs on non-US-made iPhones, then attacked the European Union before his course reversal.
“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump wrote on Truth Social. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”
Apple stock lost ground Friday in conjunction with a broader market decline.
It is unclear whether Trump can target individual companies with tariffs. Trump, asked about his power to do so on Friday, suggested he wouldn’t target just Apple. Samsung (005930.KS) and other phone makers would face similar tariffs by the end of June, he said.
Trump in recent days has not been shy about verbally attacking US corporations that have been warning about the effects of his tariffs, including spats with Walmart (WMT) and Amazon (AMZN).
Elsewhere, the US and China have signaled their commitment to continuing talks, with senior officials engaging in a call late on Thursday after the two sides stoked concerns by clashing over chips in recent days.
Treasury Secretary Scott Bessent sought to soothe market worries earlier Friday, pledging that the US would announce “several” large trade deals in the coming weeks.
