EU prepared to accept a flat 10% US tariff under clear conditions

Handelsblatt, a German newspaper, reported on Monday that the European Commission is prepared to accept a flat-rate United States (US) tariff of 10% under clear conditions.

Additional takeaways

Brussels negotiators hope that a flat tariff will avert higher US duties on cars, pharmaceuticals, and microelectronics.

Americans have not yet agreed to limit their car tariffs against the European Union (EU) to 10%.

If the US waives higher car tariffs, the EU will lower its import tariffs on US vehicles and recognize certain American product standards in future.