Trump said it was a “privilege” to grant the extension after a phone call with European Commission President Ursula von der Leyen.

European Union Trade Commissioner Maros Sefcovic said on Friday that he had held another call with U.S. Commerce Secretary Howard Lutnick, as the EU and the United States continue efforts to reach a deal on tariffs.

Officials from the European Union and the United States will start a new negotiating push, after President Trump delayed until July 9 tariffs of 50 percent.

Tariff-induced volatility is expected to dampen second-quarter advisory and underwriting revenue at most of Europe's largest investment banks.

A US court has ruled that Donald Trump’s “liberation day” tariff scheme is illegal, in a blow to the White House that could throw the president’s global trade policy into disarray. The US Court of International Trade found on Wednesday that Trump did not have the authority to use the emergency economic powers legislation that he cited when he imposed sweeping global tariffs last month.

The EU’s proposal outlines mutual investment and procurement plans in artificial intelligence, digital connectivity, and other sectors.

If Trump truly desires a free market, he would drop the Justice Department and the FTC’s antitrust crusades against Big Tech.

The EU on Monday agreed to speed up tariff talks with the US, easing concerns about a trans-Atlantic trade war. The move followed Trump’s announcement on Sunday that the US woul