European shares gain after Trump pushes back planned 50% tariffs on the European Union

May 27, 2025

(File Photo: Source for Photo: Trader Robert Oswald, right, works on the floor of the New York Stock Exchange, Tuesday, May 20, 2025. (AP Photo/Richard Drew)

HONG KONG (AP) — European shares closed higher and U.S. futures surged Monday after U.S. President Donald Trump said he would delay a threatened 50% tariff on goods from the European Union to July 9.

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.

On Monday, the European Union’s chief trade negotiator said he had “good calls” with Trump administration officials and that the EU was “fully committed” to reaching a trade deal by the July 9 deadline.

Just last week, Trump had 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.

Markets welcomed the news.

The future for the S&P 500 gained 1.3%, while that for the Dow Jones Industrial Average advanced 1%. The future for the Nasdaq composite rose 1.4%.

Germany’s DAX added 1.5% to 23,977.83 and the CAC 40 in Paris rose 1% to 7,810.49.

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.

The S&P 500 lost 0.7% to end its worst week in the last seven. The Dow Jones Industrial Average dropped 0.6% and the Nasdaq composite sank 1%.

Apple dropped 3% and was the heaviest weight on the S&P 500 after Trump said he’s been pushing Apple CEO Tim Cook to move production of iPhones to the United States. He warned a tariff “of at least 25% must be paid by Apple to the U.S.” if it doesn’t.

Trump later clarified his post to say that all smartphones 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.”

Trump has been criticizing companies individually when he’s frustrated with how they’re acting because of his tariffs and because of the uncertainty his trade war has created. He earlier told Walmart it should “eat the tariffs,” along with China, after the retailer said it would likely have to raise prices to cover the increased cost of imports.

Deckers Outdoor, the company behind the Hoka and Uggs brands, became one of the latest companies to say all the uncertainty around the economy means it won’t offer financial forecasts for the full upcoming year.

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.

Stocks in the nuclear industry also rallied after Trump signed executive orders to speed up nuclear licensing decisions, among other measures meant to charge up the industry. Oklo, which is developing fast fission power plants, jumped 23%.

Trump’s latest tariff threats stirred up Wall Street after it had recovered most of the losses it had earlier taken because of the trade war. The S&P 500 dropped roughly 20% below its record at one point last month, when worries were at their height about whether Trump’s stiff tariffs would cause a global recession. The index then climbed back within 3% of its all-time high after Trump paused his tariffs on many countries, most notably China.

In other trading Monday, Brent crude, the international standard, fell 4 cents to $64.74 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.

Here’s a look at recent aircraft tragedies, mishaps and close calls

May 27, 2025

(File Photo: Source for Photo: Authorities work the scene where a small plane crashed into a San Diego neighborhood, setting several homes on fire and forcing evacuations along several blocks early Thursday, May 22, 2025. (AP Photo/Gregory Bull)

(AP) At least three people were killed when a private jet crashed into a San Diego neighborhood Thursday morning, adding to the long list of aviation disasters this year.

About 100 people had to be evacuated after the plane struck at least one home and jet fuel caught fire throughout the neighborhood. The Federal Aviation Administration said six people were aboard the plane. It wasn’t clear how many died, although music agency Sound Talent Group said its co-founder and two other employees died in the crash.

Many people are concerned about aviation safety after all the aircraft collisions and near-misses.

Disasters have ranged from the midair collision that killed 67 people near Washington, D.C., in January to an airliner clipping another in February while taxiing at the Seattle airport. In March, an American Airlines plane caught fire after landing in Denver, sending 12 people to the hospital. A sightseeing helicopter broke apart and crashed into the Hudson River between New York City and New Jersey last month, killing six people.

Federal officials have tried to reassure travelers that flying is the safest mode of transportation, and statistics support that. But the cascade of headlines about all the things that have gone wrong is drawing increasing attention.

Here is a look at some of the recent tragedies and mishaps:

Recent fatal crashes

— The New York helicopter that crashed on April 10 departed a downtown heliport. The flight lasted less than 18 minutes. Radar data shows the helicopter flew north along the Manhattan skyline, then south toward the Statue of Liberty. The victims in this crash included a family from Spain who was celebrating the ninth birthday of one of their children.

— Three people were killed and one was injured when a small plane crashed April 11 in Boca Raton, Florida, near a major interstate highway and pushed a car onto railroad tracks.

— Two small planes collided midair near an Arizona airport in mid-February, killing two people who were on one of the aircraft. Following the collision, one plane landed uneventfully, but the other hit the ground near a runway and caught fire. The crash happened at Marana Regional Airport near Tucson.

— A small commuter plane crashed in western Alaska in early February, killing all 10 people on board. The crash was one of the deadliest in the state in 25 years. Radar data indicated that the plane rapidly lost elevation and speed. The U.S. Coast Guard was unaware of any distress signals from the aircraft.

— A medical transport plane that had just taken off plummeted into a Philadelphia neighborhood in late January, killing all six people on board and two people on the ground. About two dozen people were also hurt. The National Transportation Safety Board said its cockpit voice recorder likely hadn’t been functioning for years. The crew made no distress calls to air traffic control.

— The collision between an American Airlines passenger jet and a U.S. Army helicopter above the nation’s capital killed everyone aboard both aircraft in late January. It was the deadliest plane crash in the U.S. since Nov. 12, 2001, when a jet slammed into a New York City neighborhood just after takeoff, killing all 260 people on board and five on the ground.

— A jetliner operated by Jeju Air skidded off a runway, slammed into a concrete fence and burst into flames in late December in South Korea after its landing gear apparently failed to deploy. All but two of the 181 people aboard were killed in one of that country’s worst aviation disasters.

Incidents with injuries

— The American Airlines plane that caught fire at Denver International Airport in March had been diverted there because the crew reported engine vibrations. While taxiing to the gate, an engine caught fire, prompting slides to be deployed so passengers could evacuate quickly. The people taken to hospitals had minor injuries.

— A single-engine plane carrying five people crashed and burst into flames that same month in the parking lot of a retirement community near a small airport near Lancaster, Pennsylvania. Everyone on board survived. Three people were taken to an area burn center.

— A Delta Air Lines jet flipped over while landing at Toronto’s Pearson Airport in February. All 80 people on board survived, but some people received minor injuries. Witnesses and video from the scene showed the plane landing so hard that its right wing was sheared off. Investigators said when trying to determine the cause, they would consider the weather conditions and the possibility of human error.

Close calls

— Earlier this month, two commercial planes had to abort their landings at Reagan National Airport near Washington because of an Army Black Hawk helicopter flying near the Pentagon. The Army suspended all its helicopter flights in the area after this incident. It was a Black Hawk priority air transport from the same unit known as the PAT25 that collided with the passenger jet in midair in January.

— In April, on the same day as the fatal New York helicopter crash, a wing tip of an American Airlines plane struck another plane from the same airline on a taxiway of the Ronald Reagan Washington National Airport in Arlington, Virginia. There were no reported injuries. Multiple members of Congress were aboard one of the flights.

— A FedEx cargo plane made an emergency landing at a busy New Jersey airport in March after a bird strike caused an engine fire that could be seen in the morning sky. The plane landed at Newark Liberty International Airport. There were no reported injuries.

— Pilots on a Southwest Airlines flight about to land at Chicago’s Midway Airport were forced to climb back into the sky to avoid another aircraft crossing the runway in late February. Video showed the plane approaching the runway before it abruptly pulled up as a business jet taxied onto the runway without authorization, federal officials said.

— In early February, a Japan Airlines plane was taxiing on the tarmac of Seattle-Tacoma International Airport when it apparently clipped the tail of a parked Delta plane. There were no injuries reported.

— In early January, passengers panicked when a man aboard a JetBlue plane taxiing for takeoff from Boston’s Logan International Airport opened an exit door over a wing, triggering an emergency slide to inflate. Other passengers quickly restrained the man and the plane didn’t take off.

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