European shares opened higher Monday after President Donald Trump said he would delay a threatened 50% tariff on goods from the European Union to July 9. U.S. futures also surged on the news.

Oil prices rose while Asian shares were mostly lower. Markets in Britain were closed for a holiday.

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 Trump’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, this Sunday. — Associated Press