The tariff drama arrives just days after Trump struck a similar 15% tariff agreement with Japan, signaling a potential shift in how his administration plans to handle trade policy going forward.

The European Union is heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1,

The European Union plans to quickly hit the US with 30% tariffs on some €100 billion ($117 billion) worth of goods in the event of no deal and if US President Donald Trump carries through with his threat to impose that rate on most of the bloc’s exports after Aug.

Trump’s tariffs continue to affect markets and corporate earnings. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

The EU and United States are closing in on a trade deal that would impose 15% tariffs on European imports, similar to the agreement U.S. President Donald Trump struck with Japan this week, the Financial Times reported on Wednesday.

Germany and France are pushing the European Union to prepare retaliatory tariffs against the United States unless the White House agrees to drop a fresh round of trade penalties by August 1, according to the Financial Times.

The European Union will merge two packages of potential tariffs against the U.S. so that both are ready to take effect in early August if no deal has been reached with the Trump administration. The combined list will need approval from EU member states and could take effect as soon as Aug.

As the tariff pause ends, the Trump administration should pivot to a more targeted and strategic policy that minimizes domestic harm.