European Markets Rally as Trump Delays EU Tariffs Until July 9

On May 23, the U.S. president threatened to bring the levies in on June 1, causing most major share indices to drop.

U.S. and European Union flags at the European Commission headquarters in Brussels on Feb. 20, 2017. Francois Lenoir/Reuters

Markets rallied on May 26 after U.S. President Donald Trump delayed 50 percent tariffs on European goods and reinstated the July 9 deadline for their implementation if no trade deal is reached between the United States and the European Union by then.

Major U.S. stock indices and European shares had fallen on May 23, after Trump announced he was moving the deadline forward to June 1.