The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.

At present, there are no tariffs on either sector while the US holds an investigation on national security grounds into imports of those goods. However, indications are that the investigation may result in the EU seeing a 15% tariff imposed on both pharmaceuticals and computer chips once the process concludes.

The European Union and the US are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations.