Downing Street
Brussels officials are prepared to agree to a lopsided deal favoring the US if it is necessary to make progress before the August 1 deadline. However, according to sources familiar with the situation, the two parties have not achieved a significant breakthrough, despite discussions that took place in Washington last week, the agency reports.
Simultaneously, EU officials are getting ready for the possibility that the EU and the US do not come to an agreement, according to the sources. The EU is anticipated to start formulating a strategy for this situation, but any choice concerning countermeasures would necessitate approval from the EU's highest authorities.
According to sources, the US now seems to be pursuing universal tariffs exceeding 10% on nearly all EU goods, except for specific types of medical equipment, pharmaceuticals, alcohol, and industrial machinery.
The sources cautioned that any agreement between the EU and US relies on US President Donald Trump, yet his stance is uncertain.
Bloomberg reports that all types of US tariffs now impact €380 billion of EU products, representing 70% of EU exports to the US.
source: bloomberg.com
Simultaneously, EU officials are getting ready for the possibility that the EU and the US do not come to an agreement, according to the sources. The EU is anticipated to start formulating a strategy for this situation, but any choice concerning countermeasures would necessitate approval from the EU's highest authorities.
According to sources, the US now seems to be pursuing universal tariffs exceeding 10% on nearly all EU goods, except for specific types of medical equipment, pharmaceuticals, alcohol, and industrial machinery.
The sources cautioned that any agreement between the EU and US relies on US President Donald Trump, yet his stance is uncertain.
Bloomberg reports that all types of US tariffs now impact €380 billion of EU products, representing 70% of EU exports to the US.
source: bloomberg.com