The European Union is willing to accept a trade arrangement with the US that includes a 10% universal tariff on many of the bloc’s exports, but wants the US to commit to lower rates than that on key sectors such as pharmaceuticals,

Europe wants to make a deal before July 9 when tariffs on more goods could be increased. Reducing tariffs could be challenging, as they currently generate revenue for the US economy. President Donald Trump retorted that Europe has yet to propose a fair deal with the US.