Bloomberg: EU and US in Tariff Negotiations, Preparing for Worst

The European Union and the United States are engaged in intense negotiations regarding tariffs, with the EU preparing for potential retaliation in the event of a failed agreement, according to Bloomberg.

EU officials are willing to accept a deal that favors the US in order to avoid a deadlock before the deadline. However, despite talks in Washington last week, no significant progress has been made.

EU envoys are expected to meet this week to draw up plans to address a potential no-deal scenario with Donald Trump, who appears to have adopted a tougher stance in the negotiations.

The US is pushing for tariffs of over 10% on EU products, with few exceptions, including aviation, certain medical products, generic drugs, alcoholic beverages, and manufacturing equipment.

The two sides also discussed caps for certain sectors, quotas for steel and aluminum, and ways to protect supply chains. Despite the discussions, any agreement would need to be signed by Donald Trump.

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