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

Member states could be ready to accept a 15 per cent tariff and EU officials are pushing to have that cover sectors including cars, the diplomats said. Steel and aluminium imports above a certain quota would face the 50 per cent duty, one of the diplomats added.

Bloomberg