EU reportedly move to propose removing tariffs on US goods to meet Trump’s demands | investingLive

The EU is said to be seeking to fast track legislation in order to remove all tariffs on US industrial goods. And that process could be concluded as soon as the end of this week. That as the bloc seeks to meet Trump’s demands before the US would even consider lowering tariffs on EU autos.

Besides that, the EU is also said to be pursuing giving preferential tariff rates on certain seafood and agricultural goods. But that looks to be a bit of a sweetener to the deal as the bloc is mostly hoping for Trump to back down from existing auto tariffs especially, which are now at 27.5%.

According to the report, if the EU is able to make a proposition on the legislation before the end of the month, then the 15% tariffs rate on autos will be applicable and backdated to 1 August.