Brussels: European stocks closed higher Monday, recovering from the previous session’s losses, after US President Donald Trump postponed the imposing of 50 percent tariffs on the European Union (EU).
The pan-European Stoxx 600 index rose 1 percent at the close.
The index closed down 0.9 percent last Friday after Trump unexpectedly called for the imposing stiff tariffs on EU goods.
However, last Sunday, he extended the deadline for imposing tariffs to July 9 from June 1, after European Commission (EC) President Ursula von der Leyen said the EU needed more time to reach an agreement.
It is noteworthy that investors have begun reducing their investments in US assets due to growing concerns about the slowing US economy and financial problems, which prompted Moody’s to downgrade the US credit rating on May 16.