By Mucahithan Avcioglu
ISTANBUL (AA) - European stocks closed higher Tuesday after US President Donald Trump sent letters on tariffs to 14 countries and extended the tariff deadline to Aug. 1.
The pan-European Stoxx 600 index rose 0.41%, or 2.21 points, to close at 545.71.
Germany's DAX 40 index was up 0.55% to end at 24,206.91 and Britain's FTSE 100 added 0.54% to 8,854.18 points.
France's CAC 40 rose 0.56% to 7,766.71 and Italy's FTSE MIB index climbed 0.67% to close at 40,182.62.
Investors are awaiting the announcement of a possible trade deal between the US and the EU as Trump extended the tariff deadline Monday from July 9 to Aug. 1.
Trump said on Tuesday that the tariffs specified in the letters will be paid starting Aug. 1 and the deadline will not be extended.
"There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted," he wrote on social media.
He said the EU has been "very nice" to the US, and Washington is "probably 2 days off" from sending the bloc a tariff letter.
On Monday, Trump shared on social media tariff letters with rates for 14 countries, including Tunisia, South Korea, Malaysia, Kazakhstan, Japan, South Africa, Bosnia and Herzegovina, Indonesia, Serbia, Bangladesh, Thailand, Cambodia, Myanmar and Laos.
The rates ranged between 25% and 40%.
The letters were addressed to the countries' leaders, saying: “Our relationship has been, unfortunately, far from Reciprocal."
Urging countries to produce their goods in the US as a way to bypass tariffs, Trump said the country-specific tariff rates were "far less than" the level needed to fully address their trade imbalances with the US.
Trump also warned that tariffs could be raised further if the countries respond with their own tariffs on the US.
Separately, the European Council on Tuesday formally approved Bulgaria’s adoption of the euro as its currency beginning next Jan. 1, making it the 21st member of the euro area.