EU Wants Quick Framework Deal With US

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The European Union is aiming to clinch a preliminary trade deal with the US this week, a move that would allow it to lock in a 10% tariff rate beyond an Aug. 1 deadline as the two sides negotiate a permanent agreement. There’s a range of products that the EU would like to see exempted from the rate, such as aircraft, aircraft parts as well as wine and spirits, we’re told. Some form of relief is expected as part of the agreement in principle. The universal US tariffs that were due to kick in on July 9 would be delayed until at least the beginning of August, the White House announced on Monday. For the EU, tariffs on nearly all its exports to the US will jump to 50% on that date if it doesn’t strike a deal beforehand.