The Blubber

President Donald Trump has announced an extension of the deadline for a planned 50% tariff on European Union goods, pushing the date from June 1 to July 9. The delay follows a conversation with European Commission President Ursula von der Leyen, who requested additional time to begin trade talks.

“I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union,” Trump wrote on Truth Social on May 25. He said he agreed to the extension after von der Leyen assured him that discussions would begin quickly.

Von der Leyen characterized the exchange as a “good call” in a post on X, noting that “The EU and US share the world’s most consequential and close trade relationship. Europe is ready to advance talks swiftly and decisively. To reach a good deal, we would need the time until July 9.”

The announcement comes just days after Trump renewed his criticism of the EU, warning of a 50% tariff and accusing the bloc of being “very difficult to deal with” on trade. “The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,” he wrote on May 23, referencing his broader strategy of leveraging tariffs in ongoing negotiations.

Trump’s proposed tariff would apply to approximately $606 billion worth of EU goods exported to the U.S. in 2024, according to the Office of the United States Trade Representative. The U.S. is the EU’s largest trading partner, accounting for 21% of the bloc’s exports.

Pharmaceuticals top the list of EU exports to the U.S., followed by cars and other vehicles, aircraft, engines and motors, machinery, petroleum oils, and alcoholic beverages, according to EU data.

Back on April 3, Trump declared a global “Liberation Day” on trade and announced a wave of reciprocal tariffs, which sent markets into a sharp decline. He later paused those tariffs for 90 days for most countries except China. Since then, the administration has been pursuing new trade deals. So far, only the United Kingdom has reached an agreement, while negotiations with China continue.