Trump hails ‘certain’ step in U.S.-EU industry negotiations as markets hope for a deal

U.S. President Donald Trump mentioned Tuesday he used to be tracking “positive” steps in industry talks with the European Union, after he agreed to lengthen a 50% tariff on items from the bloc till July 9.

“I have just been informed that the E.U. has called to quickly establish meeting dates,” Trump wrote in a put up at the Truth Social platform.

“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 additionally mentioned Tuesday that the EU were “slow walking” in negotiations with the White House over a industry deal.

The surprising prospect of even higher price lists on one of the most U.S.’ largest industry companions rattled markets when it used to be threatened via Trump final Friday. In a put up final week, Trump mentioned discussions with the EU have been “going nowhere.”

However, sentiment grew to become certain on Tuesday amid hopes of a step forward. European Commission President Ursula von der Leyen mentioned in a put up on X over the weekend that the EU used to be “ready to advance talks swiftly and decisively,” whilst European Trade Commissioner Maros Sefcovic mentioned Monday that he had “good calls” with U.S. Commerce Secretary Howard Lutnick.

Europe’s regional Stoxx 600 index rather prolonged beneficial properties after Trump’s feedback on Tuesday, final buying and selling up 0.55% at the earlier consultation, whilst U.S. markets opened extensively upper.

The 27-member alliance used to be hit with a 20% tariff on April 2 as a part of Trump’s “reciprocal” tariff technique, which used to be then minimize for the majority buying and selling companions to 10% for 90 days. Concurrent U.S. tasks on automobiles, metal and aluminum also are impacting the bloc’s exporters.

EU officers have again and again stressed out that they need to succeed in a care for the White House, however that this is not going to come at any price. The European Commission, the EU’s government arm, previous this month introduced a session on tariff countermeasures concentrated on U.S. imports price 95 billion euros ($107.4 billion) if a deal isn’t reached.

CNBC has contacted the European Commission for remark.

On May 8, the U.S. unveiled the description of a industry care for the U.Ok., the primary such settlement beneath the newest Trump management, even if companies say they’re waiting for additional main points. The deal maintains a 10% baseline tariff on U.Ok. imports to the U.S., suggesting different international locations will face a an identical charge at a minimal.

Trump has typically struck a positive tone towards the U.Ok. because of its extra balanced industry dating in items with the U.S. He has accused the EU, then again — with which it has a deficit in items — of treating the U.S. unfairly. EU-U.S. industry is kind of balanced when accounting for each items and services and products, consistent with EU figures.