Trump Agrees To Extend 50% Tariffs On Europe Until July 9: 'It Was My Privilege To Do So'

Trump’s decision to extend the deadline follows his previous threat to impose a 50% tariff on all European Union imports, a move that has already caused significant concern in European markets. On Friday, European stocks experienced a broad selloff as fears of a potential trade war loomed. Trump has criticized the EU for what he perceives as unfair trade practices, including “powerful Trade Barriers” and “ridiculous Corporate Penalties.”

See Also: Satellite Imagery Uncovers Serious Damage To North Korea’s Newest Warship

Why It Matters: The extension of the tariff deadline is significant as it provides a temporary reprieve for European markets, which have been under pressure due to the looming threat of increased tariffs. The potential 50% tariff on EU imports has raised concerns about a transatlantic trade war, which could have far-reaching implications for global economic growth.

Furthermore, the tariff uncertainty continues to impact the U.S. markets, with the S&P 500 facing renewed risks. Trump’s trade policies have been a source of volatility for Wall Street, and the extension may offer temporary relief but does not eliminate the underlying risks associated with the ongoing trade spat.

Photo courtesy: Rawpixel.com / Shutterstock.com

Read Next: 

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal