'US, EU not close to deal on tariffs'

The United States and the European Union still need a lot of work to reach a deal that would prevent the imposition of tariffs on each other’s goods, EU Economic Commissioner Valdis Dombrovskis said on Friday.

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The US imposed 25% tariffs on EU cars, steel and aluminium in March and 20% tariffs on other EU goods in April. It then halved the 20% rate until July 8, setting a 90-day window for talks to reach a more comprehensive tariff deal.

In response, the EU suspended its own tariffs on some US goods and proposed zero tariffs for all industrial goods on both sides. Dombrovskis said the zero-tariff offer met with only moderate US interest.