US and EU are reportedly close in on 15% tariff deal - Financial Times

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US and EU are reportedly close in on 15% tariff deal - sources of Financial Times. The report of FT added that Brussels could agree to the so-called reciprocal levies to avoid the US President's threat to raise them to 30 per cent from August 1st. However, as reported the EU will continue to prepare a possible €93bn package of retaliatory tariffs, set at up to 30%, in case they cannot agree a deal by Aug 1.

Notably, exemptions would be made for certain goods, including aircraft, alcoholic spirits, and medical devices.

As part of the proposed arrangement, tariffs on automobiles would drop from 27.5% to 15%. For most EU exporters, this would not represent a major shift, since many have been subjected to elevated tariff levels since April.

Stocks spike on this info in general, but it is worth to remember that this is not an official info.

Source: xStation

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