Trump postpones imposing 50 percent duties on EU goods

America's tariff war with Europe has gotten a reprieve. Donald Trump postponed the introduction of 50 percent duties on European goods until July 9. The U.S. President, after talking to European Commission chief von der Leyen, agreed to push back the date to reach an agreement.

Donald Trump, President of the United States:

"She called me and she asked for an extension. Von der Leyen said she wants to get down to serious negotiations. They should do that. I agreed to move it to July 9. That's the day she requested and said we would get together quickly and see if we could work something out."

However, if no agreement can be reached, then times are not good for the EU. According to the Institute of German Economy, the U.S. import duties of 50% on goods from the EU will cost Germany alone 200 billion euros by the end of 2028. And if retaliatory duties are imposed, the damage will increase to 250 billion.