Trump drops tariff threat against EU after weekend call with bloc chief [Video]

A weekend telephone call between U.S. President Donald Trump and EU chief Ursula von der Leyen gave “new impetus” to trade talks, the EU said on Monday, after Trump dropped his threat to impose 50 per cent tariffs on imports from the European Union next month.

Trump restored a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal after what he said was “a very nice call” with von der Leyen on Sunday, which an EU spokesperson said had been initiated by her.

The euro hit a one-month high against the dollar on Monday, while European shares surged and were poised to recoup the previous session’s losses. Gold prices fell as Trump’s latest move reduced demand for the safe-haven asset.

The U.S. and EU trade representatives were due to hold talks on Monday afternoon, European time, the European Commission spokesperson said, declining …