Trump threatened to impose the costly tariffs on the European Union starting on June 1, complaining last week that the negotiations were “going nowhere.” He ended up delaying the tariffs on Sunday after speaking with the president of the European Commission.

MORRISTOWN, N.J. — President Donald Trump said Sunday that he would delay tariffs that were set to be imposed next week on the European Union until July 9.

The S&P 500 was up 1.6 percent in its first trading since President Trump said that the United States will delay a 50 percent tariff on goods coming from the European Union until July 9 from June 1.

Trump agrees to extend the proposed 50% EU tariff to July 9, 2025, after a call with European Commission President Ursula von der Leyen. Talks are set to "begin rapidly," he said.

President Donald Trump on Friday threatened a 50% tax on all imports from the European Union as well a 25% tariff on Apple products unless iPhones are made in America. The threats, delivered over social media,

Trump's announcement comes days after he threatened the EU with a 50% tariff after having paused reciprocal tariffs on it and other nations in April.

President Donald Trump pulled back from threatening a larger trade war with Europe, again. On May 23, Trump said he would impose a 50% tariff on the EU starting on June 1. He later told reporters he felt no need to cut a deal.