US and EU close to 15% tariff agreement

PANews July 23 news, according to the Financial Times, the European Union and the United States are about to reach a trade agreement that will impose a 15% tariff on European imports, similar to the agreement Trump reached with Japan this week. Three people familiar with the matter said that Brussels may agree to so-called reciprocal tariffs to avoid the US president's threat to raise tariffs to 30% from August 1. The people familiar with the matter also said that the two sides will exempt tariffs on some products, including aircraft, spirits and medical equipment. People familiar with the matter said that they understood that the minimum tariff of 15% will include existing tariffs, and Brussels believes that the agreement essentially consolidates the status quo. The current 27.5% automobile tariff is expected to drop to 15%. These people also said that the EU will continue to prepare a retaliatory tariff plan that could be as high as 93 billion euros and a maximum tax rate of 30% in case no agreement is reached before August 1.