Financial Times reports: The United States and the European Union are close to reaching a 15% tariff agreement.

Sources told the Financial Times that the EU and the US are nearing a trade agreement that would set tariffs on European imports at 15% to avoid President Trump's plan to raise tariffs to 30% on August 1.

Certain products, including airplanes, spirits, and medical devices, will be exempt. The agreement will reduce the tariff on cars from 27.5% to 15%, effectively maintaining the current tariff level, as EU exporters have faced additional tariffs since April.

The EU is still preparing €93 billion in retaliatory tariffs in case an agreement is not reached before August 1. A US official noted that negotiations are still ongoing.

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