EU and US negotiators are in intensive discussions to secure a trade deal by August 1 or face a 30% tariff on EU exports. Although the EU is open to a less favorable agreement, significant progress remains elusive. The US is advocating for higher tariffs on EU goods, particularly targeting sectors with few exemptions. In response to a possible no-deal scenario, the EU is preparing retaliatory measures, while discussions include tariff ceilings and supply chain protection strategies. Any agreement would depend on US President Trump's approval, whose position remains uncertain.
The US is now seen pushing for a near-universal tariff on EU goods higher than 10%, with increasingly fewer exemptions limited to aviation, some medical devices, and specific manufacturing equipment.
EU envoys are set to meet this week to formulate a plan for measures to respond to a possible no-deal with Trump, indicating preparations for retaliation.
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