FX.co ★ 15% Tariff Deal in Sight Between EU and US Amid Trade Talks

The European Union and the United States are reportedly on the verge of finalizing a trade accord that would introduce a 15% tariff on most imports, which could potentially include automobiles and pharmaceuticals, according to Bloomberg News, citing diplomatic sources. This proposed tariff rate is similar to a recent agreement the U.S. established with Japan. While European Commission officials have informed member states about the ongoing negotiations, the ultimate decision would lie with U.S. President Donald Trump. This new 15% tariff would not be added to the current U.S. duties, which now average just under 5%. Certain industries, such as aerospace, lumber, specific medications, and agricultural products, may receive exemptions. Concurrently, the EU is devising a counter-tariff strategy aimed at approximately EUR 93 billion in U.S. goods, with a decision from its members anticipated on Thursday. Should they pass, these measures would not be implemented before August 7. Meanwhile, President Trump mentioned that the U.S. is engaged in serious trade discussions with the EU and might lower tariffs if the bloc enhances market access for American companies.