Exclusive | U.S., EU Near Deal on Nontariff Trade Irritants

The U.S. and European Union appear to be nearing a deal on multiple nontariff trade issues from deforestation rules to the treatment of U.S. tech companies in Europe—but the fate of looming tariffs set to be imposed by each trading partner remains unclear. 

A draft “agreement on reciprocal trade” circulated by the U.S. Trade Representative’s office lays out tentative deals on a litany of specific trade issues, including the EU’s Digital Markets Act, its carbon-based border tariffs, shipbuilding and more, according to people with knowledge of the text, who said the agreement appeared to be close to final but emphasized it could change in the coming days and weeks.