The EU is aiming for a July 9 deal, which would include a 10 percent baseline tariff. Trump has threatened to impose 50 percent tariffs if no deal is reached.

The European Union said it’s closing in on a framework trade agreement with the US after the head of the bloc’s executive arm, Ursula von der Leyen, held a call with President Donald Trump on Sunday.

European Union negotiators are close to finalizing a trade agreement with U.S. President Donald Trump, potentially resulting in higher tariffs than those applied to the UK. The temporary framework suggests a 10% 'reciprocal' tariff while negotiations proceed.