President Trump reversed course Sunday evening on his threats to impose huge tariffs on the European Union after talking with the bloc's head, extending the deadline for tariff implementation to July 9.

Stock markets declined after the president’s early-morning threats of 25 percent import taxes on iPhones and 50 percent on goods from Europe.

President Donald Trump is threatening a sweeping 50% tariff on the European Union (EU) and a 25% levy on Apple Inc if the tech giant failed to move iPhone manufacturing to the United States, reigniting investor fears about his trade agenda.