The European Union and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday, potentially moving President Donald Trump closer to another major trade agreement on the heels of the one he just unveiled with Japan.

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.

On his own terms, it could now be said that the aggressive approach by the US President is yielding tangible results.

Trading updates and corporate earnings from some of Europe’s auto giants show the extent to which Trump’s tariffs have started to take their toll.

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,

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.