Some European Union automakers and capitals are pushing for an agreement with President Donald Trump that would allow for tariff relief in return for increasing investment in the U.S., according to people familiar with the matter.
Member states were briefed on the status of trade negotiations on July 4 after a round of talks in Washington this week and were told that a technical agreement in principle was close, said the people, who spoke on the condition of anonymity.
The EU has until July 9 to clinch a trade arrangement with Trump before tariffs on nearly all of its exports to the U.S. jump to 50 percent. Trump has imposed tariffs on almost all U.S. trading partners, saying he wanted to bring back domestic manufacturing, needed to pay for a tax-cut extension and stop other countries from taking advantage of the U.S.
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