EU Nears Framework Trade Deal With US Amid July Deadline

The European Union and the U.S. are nearing a framework trade agreement, with both sides aiming to reach an agreement in principle by the original July 9 deadline, which has now been extended to August 1 by President Donald Trump. EU Trade Commissioner Ursula von der Leyen and President Trump had a positive phone exchange, signaling progress in the negotiations. The EU is willing to accept a baseline tariff of 10% with exemptions for key products such as aircraft, aircraft parts, wine, and spirits, while some member states favor tougher terms. Despite months of slow progress, recent talks have accelerated, and officials describe this stage as the 'beginning of the end game' for reaching an agreement in principle. However, skepticism remains about the likelihood of finalizing the deal within the short timeframe. The U.S. has already sent tariff notices to other countries like South Korea and Japan, but the EU has not yet received such a letter, indicating ongoing negotiations.