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yesterday

US and EU Weigh Final Trade Options Before July 9 Tariff Deadline

EU capitals debate accepting a baseline 10% levy or imposing reciprocal duties as the White House signals the July 9 ultimatum is flexible

European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo
FILE - A member of European Commission, left, prepares to exchange documents with Chinese delegation at a signing ceremony after the 5th China-EU High Level Economic and Trade dialogue at Diaoyutai State Guest House in Beijing, on Sept. 28, 2015. (AP Photo/Andy Wong, File)
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European Commission President Ursula von der Leyen attends a press conference on the day of the European Union leaders summit in Brussels, Belgium June 26, 2025. REUTERS/Yves Herman

Overview

  • EU leaders in Brussels are set to instruct the European Commission on whether to secure a quick deal on US terms or to escalate with countermeasures ahead of the July 9 deadline.
  • German Chancellor Friedrich Merz and other key EU figures are urging a rapid agreement to shield automotive, steel and pharmaceutical sectors from potential 50% US tariffs.
  • European Commission President Ursula von der Leyen has floated a zero-tariff plan on industrial goods plus expanded EU purchases of US liquefied natural gas and soybeans to sweeten a pact.
  • White House spokesperson Karoline Leavitt declared the July 9 cutoff “not critical,” indicating President Trump could extend the tariff pause for partners negotiating in good faith.
  • US negotiators continue to press the EU to roll back digital services taxes and non-tariff barriers that Washington says disadvantage American technology firms.