The US and the EU are close to reaching a 15% tariff agreement

BlockBeats News, July 23rd, according to the Financial Times, the EU and the US are about to reach a trade agreement that will impose a 15% tariff on European imports, similar to the agreement reached by Trump with Japan this week. Three sources familiar with the matter said that Brussels may agree to a so-called reciprocal tariff to avoid the US President's threat to raise tariffs to 30% from August 1st.

The sources also stated that both sides will exempt some products from tariffs, including airplanes, spirits, and medical equipment. The sources said they understood that this minimum 15% tariff would include existing tariffs, and Brussels considers the agreement essentially a consolidation of the status quo. The current 27.5% tariff on cars is expected to be reduced to 15%.

These sources also stated that the EU will continue to prepare a retaliatory tariff plan that could amount to as much as 93 billion euros with a maximum tariff rate of 30% in case an agreement is not reached before August 1st. (Jin10)