EU seeks to reach framework agreement with US this week: Report

08/07/2025 Argaam

The European Union (EU) is intensifying efforts this week to reach a framework trade agreement with the US that would allow it to lock in a 10% tariff after the negotiation deadline expires, Bloomberg reported, citing informed sources.

 

The sources indicated that the EU is also seeking exemptions from this tariff for certain key products, including aircraft, spare parts, and other selected goods.

 

This comes after the US extended the negotiation deadline to Aug. 1, which was initially set to expire on July 9.

 

On Monday, the European Commission, the EU's executive arm, briefed member countries on the latest developments in the negotiations with Washington.

 

If the EU fails to reach a trade agreement with the US by Aug. 1, a 50% tariff will be imposed on its products.

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