President Donald Trump announced that he granted an extension to the European Union on a looming 50% tariff after European Commission President Ursula von der Leyen promised to speed up the trade talks.

President Trump said the U.S. will delay a threatened 50% tariff on goods from the European Union from June 1 until July 9.

The European Union has taken a proactive stance by agreeing to speed up trade discussions with the United States. This decision comes in response to President Donald Trump's recent threats of imposing additional tariffs on European imports.