If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy.

The European Union will hold off on imposing retaliatory tariffs on U.S. goods that were set to take effect Monday, signaling an effort to keep trade negotiations with the Trump administration alive through the end of July, the Associated Press reported.

European Union President Ursula von der Leyen says the bloc will extend its halt on imposing tariff countermeasures while it continues to seek a negotiated trade agreement with the Trump administration.