Big tech stocks jumped in premarket trading after U.S. President Donald Trump kicked his threat to slap 50% tariffs on European Union goods into July, marking another temporary trade policy reprieve.

Super Micro rose 5%; Palantir, AMD, Micron, Tesla, and Nvidia rose 3%; Alphabet, Meta, Apple, Broadcom, and Amazon rose 2%; Microsoft rose 1%.

Trump said Sunday that he would delay tariffs that were set to be imposed next week on the European Union until July 9.

Trump told reporters that he made the decision to postpone the levies following a conversation with Ursula von der Leyen, president of the European Commission, who had requested an extension so that they could continue to negotiate over Trump’s proposed 50 percent tariffs that were set to be in place June 1.

“She said she wants to get down to serious negotiation, because … they have to do that,” he said. “And we had a very nice call. And I agreed to move it.”

Trump said that he and the Europeans intend to “rapidly get together and see if we can work something out.”