European markets rally as Trump delays 50% EU tariffs

Paris: European stock markets rallied on Monday after US President DonaldTrumpdelayed 50 percent tariffs on the European Union until July 9 to give mo...

Paris: European stock markets rallied on Monday after US President Donald Trump delayed 50-percent tariffs on the European Union until July 9 to give more time for negotiations.

Trump sent the markets into a tailspin again on Friday when he threatened to hit EU goods with the huge tariff from June 1 as talks were "going nowhere". Along with that threat, he warned that he would hit smartphone makers with 25-percent tariffs if they did not make their handsets in the United States.

Trump provided some relief Sunday by saying he was putting off the EU tariffs until July 9 after a "very nice call" with European Commission President Ursula von der Leyen, adding that officials will "rapidly get together and see if we can work something out".

Von der Leyen vowed to move "swiftly" to reach a deal.

On Monday the Paris CAC 40 index closed 1.2 percent higher while the Frankfurt gained 1.7 percent.