Both sides would waive tariffs on some products, including aircraft, spirits and medical devices, the people said. The European Commission, which runs EU trade policy, briefed envoys from member states on Wednesday following talks with US counterparts. The bloc’s exporters have been paying an additional 10 per cent tariff on goods sent to the US since April while talks between Washington and Brussels continued. That was on top of pre-existing duties averaging 4.8 per cent.
The people said they understood the 15 per cent minimum tariff would include those existing duties, so Brussels views the deal as cementing the status quo. Tariffs on cars, which are currently 27.5 per cent, would therefore fall to 15 per cent.
The bloc will continue to prepare a possible €93bn package of retaliatory tariffs, set at up to 30 per cent, in case they cannot agree a deal by August 1, the people said. A US official said the situation was fluid and subject to change.