Eurozone to accept Trump’s universal tariffs

Parallel negotiations: European Commission president Ursula von der Leyen at a press conference in Brussels. The commission is telling member states that it has received a proposal from the United States covering tariffs and non-tariff trade barriers. — Reuters

BRUSSELS: The European Union (EU) is willing to accept a trade arrangement with the United States that includes a 10% universal tariff on many of the bloc’s exports but wants the United States to commit to lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft.

The EU is also pushing the United States for quotas and exemptions to effectively lower Washington’s 25% tariff on automobiles and car parts as well as its 50% tariff on steel and aluminum, according to people familiar with the matter.