The EU and US are closing in on a trade deal that would impose 15 per cent tariffs on European imports, similar to the agreement Donald Trump struck with Japan this week. The latest: Brussels could agree to the so-called reciprocal levies to avoid the US president’s threat to raise them to 30 per cent from August 1,

The European Union is negotiating an outline trade agreement with the Trump administration that would see the bloc accept 15% tariffs on most of its exports to the U.S., people familiar with the matter said.