European shares gain after Trump pushes back planned 50% tariffs on EU

In Hong Kong, European shares ended the day higher, and U.S. futures saw a surge as President Donald Trump confirmed a delay in imposing a 50% tariff on EU goods until July 9. Trump’s decision to postpone the higher import duties came after a discussion with Ursula von der Leyen, the President of the European Commission, who indicated a willingness to engage in serious negotiations. The EU’s chief trade negotiator expressed optimism about reaching a trade deal by the new deadline. This development was well-received by the markets, with the S&P 500 futures rising by 1.3%, the Dow Jones Industrial Average futures up by 1%, and the Nasdaq composite futures climbing 1.4%. In Asia, the Nikkei 225 in Tokyo and the Kospi in Seoul saw gains, while other regional markets experienced declines. The U.S. stocks had faced losses on Friday amid uncertainty over Trump’s tariff threats. Apple was notably impacted after Trump suggested moving iPhone production to the U.S. or facing tariffs. Companies like Deckers Outdoor and Ross Stores cited economic uncertainty for not providing financial forecasts. On a positive note, Intuit and nuclear industry stocks showed gains. Trump’s tariff policies have had a significant impact on Wall Street, with the S&P 500 oscillating between record highs and lows. In the trading market, Brent crude slightly dipped, and the U.S. dollar saw a rise against the Japanese yen and the euro.