Trump plans to delay auto tariffs amid EU, Japan trade talks

President Donald Trump is poised to delay a decision by up to six months to impose auto tariffs to avoid blowing up negotiations with the EU and Japan and further antagonize allies as he ramps up his trade war with China, according to people close to the discussions.

Trump faces a May 18 deadline over how to proceed with his threat to slap a tariff of as much as 25 percent on imported cars and parts in the name of U.S. national security.

The news was welcomed by an equities market that has been battered by renewed trade concerns since last week.