The European Union is seeking to conclude a preliminary trade deal with the US this week that would allow it to lock in a 10% tariff rate beyond an Aug. 1 deadline as they negotiate a permanent agreement.

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.

America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.