JAKARTA - US President Donald Trump withdrew his threats to impose a 50% tariff on imports from the European Union next month.
Trump agreed to extend the deadline until July 9 for negotiations between Washington and the 27th block of the country to produce an agreement.
Trump previously said he would impose a 50% tariff in effect on June 1st as negotiations with the EU did not go fast enough.
The threat rocked global financial markets and intensified trade wars that have been marked by frequent tariff policy changes to trading partners and US allies.
Trump, who has repeatedly expressed his dislike for the EU and his treatment of the United States in trade, relented after European Commission President Ursula von der Leyen told him the EU needed more time to reach an agreement.
During a phone call, Ursula von der Leyen asked Trump to postpone the tariff until July, a deadline originally set when he announced a new tariff in April.
Trump told reporters he granted the request.
"We made a very good phone call, and I agreed to postpone it," Trump said before returning to Washington after spending the weekend in New Jersey.
"He said we'll meet soon and see if we can get something done," he continued.
Von der Leyen learned a post on X saying he had made a "good call" with Trump and the EU ready to move quickly.
"Europe is ready to advance the talks quickly and decisively," he said.
"To reach a good agreement, we need until July 9," he said.
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