FX.co ★ US Futures Jump as Trump Delays EU Tariffs

US stock futures surged on Monday following President Donald Trump's announcement to postpone the imposition of a 50% tariff on the European Union, with the new deadline set for July 9. Trump shared this development on Truth Social, citing a conversation with European Commission President Ursula von der Leyen as the reason for his decision. Von der Leyen confirmed the dialogue, characterizing it as positive and emphasizing the necessity for additional time to "reach a favorable agreement." This decision follows a tumultuous week in the markets, marred by increasing apprehensions regarding the US fiscal outlook and escalating trade tensions that have severely impacted investor sentiment. The Dow Jones Industrial Average fell by 2.47%, the S&P 500 decreased by 2.61%, and the Nasdaq Composite Index dropped by 2.47% over the past week. Further exacerbating market concerns, Apple shares plummeted by 7.57% during the week after Trump cautioned that iPhones sold in the US must be produced domestically or would incur a minimum tariff of 25%.