EU reportedly willing to accept universal 10% tariff but with sector exemptions

Investing.com -- The European Union is prepared to accept a 10% universal tariff on many of its exports to the United States, but is seeking lower rates for key sectors, according to a Bloomberg report on Monday.

The EU wants the US to commit to reduced tariffs on pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of any trade arrangement.

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European negotiators are also pushing for quotas and exemptions to effectively lower the 25% US tariff on automobiles and car parts, as well as the 50% tariff on steel and aluminum.

The European Commission, which handles trade matters for the EU, views this potential arrangement as slightly favoring the US but considers it an acceptable compromise, the report added.

The EU faces a deadline of July 9 to reach a trade agreement with Donald Trump before tariffs on nearly all European exports to the US increase to 50%.

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