President Donald Trump said Sunday he will extend the deadline to impose a 50 tariff on European Union goods until July 9, according to Bloomberg. The move follows a phone call with European Commission President Ursula von der Leyen. Von der Leyen said Europe is prepared to advance trade talks quickly but needs until July 9 to reach a deal. Trump initially paused reciprocal tariffs in April, which would have set a 20 rate, but threatened to raise the figure to 50 last week over what he described as EU stalling and unfair treatment of U.S. firms. Bloomberg Economics estimates the proposed tariff could impact $321 billion in goods trade, cut U.S. GDP by nearly 0.6, and increase prices by over 0.3.