And among those conditions, the EU is hoping that by swallowing the flat 10% tariffs that Trump would avert higher US duties on cars, pharmaceuticals, and microelectronics. But for now, the US camp is said to not have agreed to limit auto tariffs against the EU to 10%.
The report adds that if the US waives higher auto tariffs against the EU, then the EU in return will lower its import tariffs on US vehicles and recognise certain US product standards in the future.
This article was written by Justin Low at www.forexlive.com.