ROME - Donald Trump's threat to impose 50 percent duties on the EU as of June 1st, since they were "taking advantage of the United States on trade" and not negotiating an agreement with Washington quickly enough, lasted only a mere two days, according to the EU. 

 Sunday evening after his first direct telephone call with Ursula von der Leyen, the American President decided to postpone the day the decision to July 9, giving himself an extra week.  He had already postponed the reciprocal duties, which were calculated with a formula with little grounding in economic reality, by 90 days already. This, of course, had very serious consequences for both Americans and Europeans alike: last Friday, after Trump’s exit, the European stock markets plummeted immediately. On Monday morning, after the announcement of the backtracking, they re-opened strong. The Dax in Frankfurt gained 1.82 percent, the Cac 40 in Paris 1.35 percent and the Ibex 35 in Madrid 1.12 percent. The Aex Amsterdam is also positive, gaining 1.13 percent, while the London Stock Exchange is closed for the Spring Bank Holiday, which has been marginally less affected by tariffs. 

 Trump wrote on Truth, his ‘free speech’ platform to rival the platform formally known as Twitter belonging to fellow billionaire ally Elon Musk, that “today I received a call from Ursula von der Leyen, the President of the European Commission, asking for an extension of the June 1 deadline for the 50% tariffs on trade and the European Union. I said yes to the extension, which was set for July 9. It was a privilege for me to do so. The President of the Commission said that talks will begin quickly.” 

 Von der Leyen wrote on her official X page that she had had a “great call with President Donald Trump. The EU and the United States share the most important and close trade relationship in the world. Europe stands ready to move the talks forward quickly and decisively. To reach a good agreement, we need the time necessary until July 9.”

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