Markets stage relief rally after EU imports tariff is delayed until July 9
Global financial markets rallied after U.S. President Donald Trump delayed a new round of tariffs until July 9.
The euro gained against the dollar, and the gold price declined as demand for safe havens eased.
U.S. markets are closed for the Memorial Day holiday, but the STOXX Europe 600 index was 1% higher Monday morning.
Earlier coverage: Trump threatens 50% tariff on European Union goods; live updates
European Commission chief Ursula von der Leyen called Trump to initiate discussions on Sunday, prompting the White House to shelve his threat to impose tariffs of 50% on European Union imports.
"Good call with POTUS," von der Leyen tweeted Monday. "The EU and US share the world's most consequential and close trade relationship. Europe is ready to advance talks swiftly and decisively."
Trade representatives were set for talks Monday, according to media reports.
On Friday, U.S. stocks closed lower, and notched weekly declines, after Trump's tariff announcement. The blue-chip Dow shed about 0.61%, or 256.02 points, to 41,603.07; the broad S&P 500 slid 0.67%, or 39.18 points, to 5,802.83; and tech-laden Nasdaq dropped 1%, or 188.53 points, to 18,737.21.
This article originally appeared on USA TODAY: Markets rally after Trump delays EU tariffs
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