U.S., EU closing in on 15% tariff deal

The European Union is also close to reaching a trade deal with the Trump administration, that would impose a 15 percent tariff on EU imports.

According to the Financial Times on Wednesday, citing a number of sources, the 15 percent tariff may be accepted for the bloc to avoid the 30 percent tariff that U.S. President Donald Trump is warning will take effect starting August.

Sources say the two sides are also close to reaching an agreement on tariff exemptions on certain items such as aircraft, distilled spirits, and medical devices.

Since April, goods from the EU have faced an additional 10 percent tariff on top of the existing average U.S. tariff rate of 4-point-8 percent.