EU Markets Surge After Trump Truce, Von der Leyen Seeks Negotiation Extension

European markets see a 1% boost after a temporary trade truce with Trump. Ursula von der Leyen, President of the European Commission, has requested a deadline extension until July 9th to reach a comprehensive agreement. This temporary reprieve follows concerns about potential retaliatory tariffs on European goods. A spokesperson for the Commission stated, "We need more time to find a mutually beneficial solution." The potential impact on key European exports, such as steel, aluminum, cars, and technology products, remains a major concern. The Commission's latest estimates indicate that EU exports to the US totaled over €530 billion in 2020, representing over 20% of the region's total exports. The ongoing negotiations highlight the complex economic interdependence between the EU and the US.