In response to a request from European Commission president Ursula von der Leyen, Trump said he would delay the tariff to July 9.

Stock futures are pointing to a sharply higher open for major U.S. indexes on Tuesday as investors react to the latest back-and-forth from the Trump administration on trade.

U.S. stock index futures surged on Tuesday, after President Donald Trump dialed back his threat of steep tariffs against the EU and tensions between the United States and the European bloc cooled, as traders returned after the Memorial Day break.