Oil prices rose while Asian shares were mostly lower.
Trump announced the decision to push back the higher import duties after a call Sunday with Ursula von der Leyen, the president of the European Commission, who said she “wants to get down to serious negotiations,” according to the U.S. president’s retelling.
Last week, Trump said on social media that trade talks with the European Union “were going nowhere” and that “straight 50%” tariffs could go into effect on June 1.
The future for the S&P 500 gained 1.3% while that for the Dow Jones Industrial Average advanced 1.1%.
Germany’s DAX added 1.7% to 24,020.48 and the CAC 40 in Paris was 1.3% higher to 7,830.99.
Markets were closed in Britain for a holiday.
In Asian trading, Tokyo’s Nikkei 225 climbed 1% to 37,531.53, while the Kospi in Seoul picked up 2% to 2,644.40.
But most other regional markets declined.
Hong Kong’s Hang Seng lost 1.4% to 23,282.33 and the Shanghai Composite Index fell 0.1% to 3,346.84.
Australia’s S&P/ASX 200 was nearly unchanged at 8,361.00.
Taiwan’s Taiex fell 0.5% and the Sensex in India gained 0.5%.
On Friday, U.S. stocks fell as traders weighed whether Trump’s latest threats were just negotiating tactics.
Trump later clarified his post to say that all smart phones made abroad would be taxed and the tariffs could be coming as soon as the end of June.
“It would be also Samsung and anybody that makes that product,” Trump said. “Otherwise, it wouldn’t be fair.”
Its stock shed 19.9%, even though the company reported a stronger profit and revenue for the latest quarter than expected.
Ross Stores fell 9.8% after it pulled its financial forecasts for the full year, citing how more than half the goods it sells originate in China.
On the winning side of Wall Street was Intuit, which rose 8.1% after the company behind TurboTax and Credit Karma reported a stronger profit for the latest quarter than analysts expected.
In other trading early Monday, U.S. benchmark crude oil gained 43 cents to $61.96 per barrel. Brent crude, the international standard, added 40 cents to $64.61 per barrel.
The U.S. dollar advanced to 142.81 Japanese yen from 142.48 yen. The euro edged higher, to $1.1388 from $1.1367.
