New Delhi, May 8 -- US President Donald Trump said he would give the European Union until July 4 to ratify its trade agreement with the US, after previously threatening to hike tariffs on auto imports as soon as this week if it failed to do so.

Trump said Thursday he set the new deadline after speaking with European Commission President Ursula von der Leyen. He threatened to hike duties on the bloc's goods if it didn't finalize the pact by summer.

"I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels," the US president posted on social media.

Von der Leyen said that "both sides" remain "fully committed" to implementing the deal.

"Good progress is being ma...