The European Union plans to conclude a preliminary trade agreement with the United States, according to Bloomberg.
According to the agency, the EU is seeking exemption from a 10% import duty on aircraft and their components, wine, and alcoholic beverages. In addition to mutual tariffs and duties on automobiles and metals, the United States is working on implementing duties in other sectors, including pharmaceuticals and semiconductor manufacturing.
Bloomberg noted that the agreement is likely to be short-term and not legally binding.
Earlier, US Secretary of the Treasury Scott Bessent announced that the US would impose tariffs on countries that fail to make progress in negotiations starting on August 1, 2025.
