The European Union has agreed to fast-track trade talks with the US in a bid to avoid President Trump's 50% tariffs — which, in an about-face, he announced would be delayed until July 9.
"This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America," Trump posted to social media on Tuesday. "They will BOTH be very happy, and successful, if they do!!!"
On Tuesday, a Bloomberg report said that the EU's trade chief, Maroš Šefčovič will lead political negotiations and is focusing on key sectors such as semiconductors, automobiles, pharmaceuticals and aluminum to avoid tariffs, according to sources.
Šefčovič also said the EU held "good calls" with Trump administration officials on Monday after the close trading partners moved forward with negotiations amid Trump's tariff-fueled push to rework global trade relationships.
Earlier on Monday, the EU said that the result of the weekend phone call between Trump and European Commission President Ursula von der Leyen provided "new impetus for the negotiations."
At the same time, sticking points remain .
On Sunday evening, two days after asserting that the bloc has been "very difficult to deal with" and declaring that discussions were "going nowhere," Trump pushed back a June 1 deadline for a "straight 50% Tariff on the European Union" to July 9.
The EU, which has 27 member states, comprises the largest US trade partner . The US has reportedly been pressuring the EU to cut tariffs on American goods . The EU is reportedly readying some $108B in retaliatory tariffs if talks fail.
Meanwhile, Apple ( AAPL ) remains in high focus after Trump said the company would face 25% tariffs if it didn't move iPhone production to the US. He later said that would apply to other phone makers, including Samsung ( 005930.KS ).
On Friday, Treasury Secretary Scott Bessent sought to soothe market worries over Trump's initial EU and Apple announcements by pledging that the US would announce "several" large trade deals in the coming weeks.
Here are the latest updates as the policy reverberates around the world.
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