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US and EU close in on 15% tariff deal, FT reports
Published by Global Banking and Finance Review
Posted on July 23, 2025
2 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on July 23, 2025
2 min readLast updated: January 22, 2026
US and EU near a 15% tariff deal on imports to avoid higher tariffs. Some products may be exempt, while EU prepares a retaliatory package.
(Reuters) -The EU and United States are closing in on a trade deal that would impose 15% tariffs on European imports, similar to the agreement U.S. President Donald Trump struck with Japan this week, the Financial Times reported on Wednesday.
Both the EU and US would waive tariffs on some products, including aircraft, spirits and medical devices, the report said, citing people familiar with the matter.
The bloc will continue to prepare a possible 93 billion euro ($109 billion) package of retaliatory tariffs, set at up to 30 per cent, in case they cannot agree a deal by August 1, the report added.
The White House and a spokesperson for the European Union did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the FT report.
The Commission earlier said on Wednesday its primary focus was to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs that Trump has said he will impose on the 27-nation bloc on August 1.
In 2024, the U.S. imported more than $55 billion of vehicles and automotive parts from Japan. From the EU, the equivalent figure was 47.3 billion euros ($55.45 billion), with far fewer U.S. models sold into the EU or Japanese market.
(Reporting by Kanjyik Ghosh in BengaluruEditing by David Goodman, William Maclean)
The proposed tariff rate on European imports is 15%, similar to an agreement recently made by the U.S. with Japan.
The tariffs would be waived on certain products, including aircraft, spirits, and medical devices.
The EU is preparing a potential package of retaliatory tariffs amounting to 93 billion euros, which could be set at up to 30 percent if no agreement is reached by August 1.
The primary focus of the EU is to achieve a negotiated outcome with the United States to avoid the 30% tariffs that President Trump has threatened to impose.
In 2024, the U.S. imported approximately 47.3 billion euros ($55.45 billion) worth of vehicles and automotive parts from the EU.
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