European and US officials are wrestling over a trade deal. President Trump says if there's no agreement by July 9, he'll impose a crushing 50% tariff or import tax on goods coming in from Europe.

President Trump said the U.S. will delay a threatened 50% tariff on goods from the European Union from June 1 until July 9.

The European Union has taken a proactive stance by agreeing to speed up trade discussions with the United States. This decision comes in response to President Donald Trump's recent threats of imposing additional tariffs on European imports.