MORRISTOWN, N.J. — President Donald Trump said Sunday that he would delay tariffs that were set to be imposed next week on the European Union until July 9.

Since returning to power, US President Donald Trump has wielded tariffs – or the threat of them - as his economic weapon of choice. He has slapped import duties against allies and adversaries alike, and raised their rates to staggeringly high levels,

The administration immediately petitioned a court to allow the United States to continue imposing stiff tariffs.

The acronym stands for "Trump always chickens out" a jab at the president's propensity to impose or threaten steep tariffs and later back off.

Gold prices declined for a second consecutive session on Tuesday, as risk sentiment improved following U.S. President Donald Trump's decision to postpone tariffs on the European Union. Spot gold fell 1.

French President Emmanuel Macron's Vietnam visit and Swedish automaker Volvo Cars' layoffs are both, in some ways, responses to Trump tariffs.

Trump agrees to extend the proposed 50% EU tariff to July 9, 2025, after a call with European Commission President Ursula von der Leyen. Talks are set to "begin rapidly," he said.

The European Union has gained leverage in trade talks with the United States after a U.S. court cast doubt on the legality of Washington's "reciprocal" tariffs, EU officials said on Friday.