European Shares Climb After Tariff Deadline Extension
(MENAFN) European equities moved higher on Monday after U.S. Leader Donald Trump postponed the imposition of a proposed 50 percent duty on European Union imports.
The delay in enforcement pushes the effective date to July 9, relieving investors in the short term.
The broad-based STOXX 600 index, which monitors leading European firms, increased by 1 percent at 7 a.m. GMT, climbing to 549.7 by 7:50 a.m. GMT.
Country-specific benchmarks also recorded gains. Germany’s DAX rose 1.43 percent, while France’s CAC 40 added 1.01 percent.
Italy’s FTSE MIB experienced a 0.93 percent increase, and Spain’s IBEX 35 moved up by 0.81 percent during the same time window.
Trump had first declared in April that the U.S. would apply the tariff beginning June 1, pointing to what he described as “unfair trade practices” by the European Union.
However, he later shifted the deadline to July 9 following a dialogue with European Commission President Ursula von der Leyen.
On Sunday, via his Truth Social platform, Trump stated that von der Leyen had asked for the postponement and that “talks will begin rapidly.” He referred to the granted delay as “a privilege.”
The adjustment has reduced immediate pressure on European financial markets, although discussions between the U.S. and the EU are predicted to remain challenging.
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