The EU approved counter-tariffs on €93 billion of US goods, which could be implemented if trade negotiations with the US do not succeed. The European Commission aims for a negotiated outcome with Washington to prevent 30% US tariffs set for August 1. Two proposed tariff packages were merged into one for EU member approval. Countermeasures won't take effect until August 7. A potential trade deal may entail a 15% tariff on EU imports, with exceptions for certain sectors. However, the US is unlikely to reduce its 50% steel tariff.
The European Union's member countries voted on Thursday to approve counter-tariffs on €93bn of US goods, which could be imposed should the bloc fail to reach a trade deal with Washington, EU diplomats said.
The EU and United States appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15pc tariff on EU goods imported into the US.
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