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Financial Times reported: The United States and the European Union are close to reaching a 15% tariff agreement.
Sources told the Financial Times that the EU and the US are close to reaching a trade agreement that sets tariffs on European imports at 15%, in order to avoid President Trump's plan to raise tariffs to 30% on August 1.
Certain products, including aircraft, spirits, and medical devices, will be exempt. The protocol will reduce tariffs on cars from 27.5% to 15%, effectively maintaining the current tariff level, as EU exporters have faced additional tariffs since April.
The EU is still preparing 93 billion euros in retaliatory tariffs in case an agreement is not reached by August 1. A U.S. official noted that negotiations are still ongoing.