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The Commission is willing to accept a trade deal with the US that would include a universal 10% tariff on its exports, but wants Washington to commit to lower tariffs in key sectors such as pharmaceuticals, alcoholic beverages, semiconductors and commercial aircraft.
Specifically, according to a Bloomberg report, the EU is pressuring the US for quotas and exemptions, with the aim of significantly reducing the 25% tariff that Washington has imposed on cars and their parts, as well as the 50% tariff on steel and aluminum.
The European Commission, which is responsible for EU trade affairs, sees this deal as slightly favorable to the US, but still believes it is something it can agree to, the sources noted.
Deadline
The EU has until July 9 to reach a trade deal with the Trump administration before tariffs rise to 50%.
The US president has imposed tariffs on almost all of the country's trading partners, saying he wants to bring industrial production home, fund the expansion of tax breaks and stop other countries from taking advantage of the US.
Any agreement would also cover tariff and non-tariff barriers, purchases of key American goods and make reference to areas of strategic cooperation, according to the sources.
Talks continue
EU trade chief Maros Sefcovic will lead a delegation to Washington this week to try to give the talks a boost, the same sources said.
The Union still believes that an agreement in principle remains the best possible scenario, but officials have failed to clarify how long such interim agreements will be in force while negotiations continue.
The purpose of the EU
The EU seeks to address non-tariff barriers mainly through the "simplification agenda" and has proposed the possibility of strategic purchases in various sectors, such as liquefied natural gas and artificial intelligence technologies.
The Union is also open to cooperating with the US on common economic security challenges.
The EU estimates that US tariffs now cover €380 billion in its exports to the US, or around 70% of its total exports to the US market.
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