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Europe and the United States are meeting in Paris to negotiate a settlement of a tense tariff spat with global economic ramifications between two global economic powerhouses.

President Donald Trump said May 25 that the U.S. will delay implementation of a 50% tariff on goods from the European Union from June 1 until July 9 to buy time for negotiations with the bloc.

President Donald Trump on May 23 threatened a 50% tax on all imports from the European Union as well a 25% tariff on Apple products unless iPhones are made in America.

“This is a very consequential moment for the G-7 in the world,” Canadian Finance Minister Francois-Philippe Champagne told reporters May 20.

The EU has shared a revised proposal with the U.S., as it aims to inject momentum in talks with President Donald Trump’s administration amid lingering skepticism that a deal can be reached.

The European Union is planning to share a paper with the U.S. next week that will set out a package of proposals to kick-start trade negotiations with the Trump administration.

President Donald Trump said April 17 that he is in “no rush” to reach any trade deals because of the revenue his tariffs are generating.

The European Union and U.S. made scant progress bridging trade differences this week as U.S. officials indicated that the bulk of the U.S. tariffs imposed on the bloc will not be removed.

The EU’s executive commission said April 10 it will put trade retaliation measures on hold for 90 days to match President Donald Trump’s pause on his new tariffs and leave room for negotiation.

The European Union approved tariffs to hit around $23.2 billion of U.S. goods in retaliation for the 25% duties President Donald Trump imposed last month on steel and aluminum exports.