The sources say that EU officials are increasingly resigned to having to swallow 10% tariffs as being the baseline in any trade deal with the US. EU officials are said to be trying to press for tariffs to be lower than 10% but it might not materialise. One of the sources said that:
“10% is a sticky issue. We are pressing them but now they are getting revenues.”
Another source added that it would be difficult to change or abolish the 10% baseline based on the current circumstances.
This article was written by Justin Low at www.forexlive.com.