US, EU trade talks see progress with 15% tariffs: Report

The trade talks between the US and the EU are witnessing progress towards reaching a deal on setting tariffs on most imports at 15%, Bloomberg reported, citing European diplomatic sources.

The EU member states could be ready to accept duties at that level, amid efforts to push to have them cover sectors like cars, said the sources, adding that higher tariffs of up to 50% would be imposed on steel and aluminum imports that exceed a certain quota.

Despite EU optimism about the possibility of reaching a deal, diplomats are cautious about the US President Donald Trump’s approval of the final draft, citing difficulty in predicting his decisions.