EU Ready To Accept 10% Tariffs But Seeks Relief In Key Areas

The European Union is prepared to accept a 10% universal tariff on many of its exports to the U.S., but is pushing for exemptions or reduced rates on key goods, Bloomberg News reported.

The EU specifically seeks to ease 25% tariffs on automobiles and parts, and 50% tariffs on steel and aluminum. I Photo: Volkswagen

The EU specifically seeks to ease 25% tariffs on automobiles and parts, and 50% tariffs on steel and aluminum, according to sources familiar with ongoing negotiations.

With a July 9 deadline looming, the EU is racing to strike a trade deal before nearly all of its exports to the U.S. are hit with 50% tariffs, Bloomberg’s Oliver Crook also reported.