The European Commission responded to Trump's announcement in a written statement, saying it remains ready to reach an agreement, while also taking "necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures.

European leaders had been trying to negotiate more favorable terms for months. They may retaliate with tariffs of their own.

The decision, posted in letters on his social media platform, has drawn concern and criticism from political and industry leaders across Europe and the United States.

President Donald Trump has officially delayed imposing higher tariffs on US imports, while sending letters to 14 countries including Japan and South Korea detailing the levies they face. The latest development comes as a 90-day pause the White House placed on some of its most aggressive import taxes was set to expire this week.

The US economy is expected to slow the rest of the year as tariffs take a bigger toll on consumers and businesses, immigration constraints intensify

The US has pitched a new tariff deal to the European Union that would keep a 10% flat rate on all incoming goods, but with exceptions for aircraft and

The signing of a framework deal would head off – for now anyway – the risk of Trump imposing higher tariffs on a wide range of imports from the EU to try to get his way. For Ireland, as a big exporter to the US, this is the main positive.

This follows last-minute talks by the EU, Japan, and South Korea to strike trade deals and avoid steep US tariffs.

US stocks open lower after Trump slapped Canada with a 35% tariff, escalating tensions. Bitcoin hit a new record high for a third day.