Trump Delays Tariffs to Aug. 1 as EU Inches Toward Trade Framework – Bloomberg

The European Union and United States are nearing a trade agreement after European Commission President Ursula von der Leyen spoke with President Donald Trump on Sunday. According to Bloomberg, Trump pushed back the tariff deadline from July 9 to August 1, giving negotiators three more weeks.

An EU spokesman said the two leaders “had a good exchange” and talks are “at the beginning of the end game, at least for an agreement in principle.” The U.S. was set to impose tariffs up to 50% on a broad range of EU exports.

Under Trump's April decree, the administration set 10% baseline tariffs on most imports with additional levies up to 50%. The higher rates were paused for 90 days. The August 1 extension follows negotiations with Britain and Vietnam, plus ongoing talks with India, Japan and other partners.

Von der Leyen wants exemptions or reduced duties on cars, pharmaceuticals and other key sectors. EU diplomats may accept the 10% tariffs on industrial goods in the short term while final details get worked out. Trump told his administration to notify countries of the revised tariff schedule by sending letters by July 9. Without agreements, the higher rates start August 1.

Negotiators from Brussels and Washington plan to set up technical working groups in the coming days. They will focus on car imports, agricultural products and regulatory alignment to convert the framework deal into a full agreement before the extended deadline.

Read on: Bitcoin’s Wild Ride: Navigating the Volatility of Trump’s Trade War

Bitcoin and Ethereum traded within 1% of their July 7 levels despite the trade tensions. Strong institutional inflows and growing adoption supported prices. Bitcoin briefly dropped 1.2% to around $107,850 on July 4 when Trump announced the tariff letters would be sent ahead of the July 9 deadline.

Treasury Secretary Scott Bessent said some countries may get extensions to negotiate but warned that “foot-dragging” could prompt immediate tariff notices. “We see progress, but time is running out,” said a senior EU trade official who asked not to be named.