EU and US near trade deal with 15% tariffs - FT

Investing.com -- The European Union and United States are approaching a trade agreement that would set 15 percent tariffs on European imports, according to a Financial Times report.

Under the proposed agreement, both sides would eliminate tariffs on certain products, including aircraft, spirits, and medical devices.

The European Commission, which manages EU trade policy, provided a briefing to member state representatives on Wednesday following discussions with American officials.

Since April, European exporters have been paying an additional 10 percent tariff on goods exported to the United States, on top of existing duties that average 4.8 percent. These talks have been ongoing while the extra tariffs remained in place.

Sources indicated the 15 percent minimum tariff would incorporate the existing duties, leading Brussels to view the arrangement as maintaining current conditions. Notably, tariffs on automobiles, currently at 27.5 percent, would decrease to 15 percent under the proposed agreement.

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