Tariff crisis

Trump's tariff policy

Trump postpones new tariffs on EU until July 9

Donald Trump agrees to postpone the new 50 percent tariffs on the EU until July 9, he writes on Truth Social. The deadline is the same as for the tariffs that were introduced in early April but have since been put on hold for 90 days. The president made the additional tariff threat on Friday and the idea was that they would come into effect on June 1.

On Sunday, European Commission President Ursula von der Leyen contacted the White House and expressed a request for more time.

"I agreed to the extension - July 9, 2025 - and it was my privilege to do so. The President of the Commission said that the talks will begin promptly. Thank you for your attention," Trump writes.

Economist: "Trump is playing an extremely high stakes game"

Trump's aggressive trade policy increases uncertainty and risks dampening corporate investment. This is what SEB's senior economist Robert Bergqvist writes in a morning letter.

"The US's negotiating tactics are devastating for the US and the world as they contribute to uncertainty that risks lowering corporate demand due to 'wait-and-see behavior.'"

At the same time, some analysts believe that Trump's latest move may be a way to divert attention from the US's strained public finances and the rapidly rising interest rates on the government debt.

"Trump is playing an extremely high stakes game. As reality presents facts on the table, criticism of the White House will grow even at home," Bergqvist points out. 

Reactions to tariffs
Merz: We may have to target US tech giants

If the EU and the US do not reach a solution on the tariff issue in the ongoing talks, the Union may next target the US tech giants. Chancellor Friedrich Merz said this at a conference in Berlin on Monday, according to Bloomberg.

The US has a surplus when it comes to trade in services and Merz believes that it can be used if the EU needs to defend its interests.

– Right now we are protecting US tech companies, even when it comes to taxes. That can change, but I do not want to escalate the conflict. I want to solve it together, says Merz.

Oil price rises after Trump's tariff announcement

Oil prices rise to around $65 per barrel after Donald Trump announced that he is postponing the decision on higher tariffs against the EU until July 9, Bloomberg reports.

The market is reacting positively in hopes of reduced trade tensions. At the same time, the oil cartel OPEC+ is preparing for a meeting on Sunday to discuss future production levels. Trump also expresses cautious optimism about talks with Iran on the country's nuclear program.