EU Eyes Trade Deal with US Amidst Tariff Negotiations

The European Union is exploring a potential trade agreement with the United States, seeking to implement a universal 10% tariff on several of its exports. The EU is negotiating for the U.S. to lower tariffs in critical sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft, according to a Bloomberg report released Monday.

Additionally, the EU is pushing for the United States to implement quotas and exemptions to mitigate existing tariffs, specifically aiming at reducing Washington's 25% tariff on automobiles and auto parts, as well as its 50% tariff on steel and aluminum.

The report, citing unnamed sources, highlights ongoing negotiations as the EU aims to find common ground with the U.S. in order to foster a more favorable trade environment. Reuters has not yet verified these developments.

(With inputs from agencies.)