EU and US confident of reaching tariff deal before deadline: sources

PANews reported on June 27 that the European Union and the United States believe they can reach some form of trade agreement before the July 9 deadline, according to people familiar with the matter. European Commission President Ursula von der Leyen told EU leaders behind closed doors at a summit on Thursday that she was confident that a deal could be reached before the deadline to avoid an escalation of the conflict that would damage the economy. Von der Leyen said the Trump administration shared a new proposal this week. During the discussion, the tone of the leaders shifted, with many expressing their willingness to accept a certain degree of imbalance in the trade agreement to avoid an escalation of trade. According to people familiar with the matter, Thursday's leaders' debate did not reveal the degree of imbalance that the group's countries were prepared to endure. The EU has been seeking to reach a mutually beneficial agreement, but will evaluate any final outcome and decide at this stage the degree of asymmetry it is willing to accept.