Thu, 24 Jul 2025

Thu, 24 Jul 2025 Trade deal on US tariffs within reach, says EU

The EU says its negotiators are working "might and main" on a deal, but the decision rests with US President Trump.

* The European Union believes a deal on trade tariffs with the US is "within reach" before the August 1 deadline.
* EU diplomats say the US has proposed a 15% tariff on most European imports, a step up from an initial 10% baseline hoped for by the EU.
* The EU's chief negotiator is working to deliver a deal that benefits consumers and companies in Europe.
* White House officials say any talk of deals should be seen as speculation until confirmed by President Trump.
* Trump has said he will withdraw the threatened 30% tariff on EU imports if they agree to open up their market to American businesses.
* The European Central Bank left interest rates unchanged at 2%, with ECB President Christine Lagarde warning that resolving trade uncertainty is crucial for economic stability.
* French luxury group LVMH's CEO, Bernard Arnault, has called for an amicable accord similar to the one reached between the US and Japan.
* If no deal is reached by August 1, the EU will impose countermeasures worth €93bn on US goods.
* The countermeasures include tariffs on imports such as bourbon whiskey, chemicals, cars, aircraft, and aircraft parts.
* Another option being considered by the EU is to impose restrictions on America's powerful service sector and intellectual property rights.
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