US President Donald Trump backed away on Sunday from his threat to slap 50% tariffs on imports from the European Union next month, agreeing to extend the deadline until July 9 for talks between Washington and the 27-nation bloc to produce a deal. Donald Trump on Friday said he was recommending a 50% tariff go into place on June 1 because of frustration that talks with the EU were not moving quickly enough. The threat roiled global financial markets and intensified a trade war that has been punctuated by frequent changes in tariff policies toward US trading partners and allies.
