The agreement under negotiation to settle a customs dispute between the European Union and the United States is only a few pages long, senior EU lawmaker Bernd Lange has said. The possible framework agreement is "a relatively limited paper,

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.