European Union to Accept Trump's Universal Tariffs But Seeks Key Exemptions

On July 1st, according to people familiar with the matter, the European Union is willing to accept the trade deal reached with the United States, which includes a general tariff of 10% on many European Union exports, but the European Union wants the United States to commit to lower tariffs on key industries such as pharmaceuticals, alcohol, semiconductors and commercial aircraft. The European Union is also pushing for the United States to set quotas and exemptions to effectively reduce the 25% tariffs on automobiles and auto parts, as well as the 50% tariffs on steel and aluminum. According to sources, European Union trade chief Maros Sefcovic will lead a delegation to Washington this week to advance the negotiations. The European Union also wants to ensure that the sectoral tariffs currently in place in the United States, such as on cars and metals, as well as future tariffs planned by the United States, are addressed.