EU Diplomats See Progress on a US Trade Deal

The European Union and the US are progressing toward an agreement that would set a 15% tariff for most products, according to diplomats briefed on the negotiations. That, combined with Japan’s trade agreement with the US, sent stocks climbing Wednesday.

Both sides in the EU-US talks accelerated discussions over the past weeks to avoid a full-blown trade war sparked by Donald Trump’s barrage of tariffs against partners across the world. Negotiators were nearing an agreement two weeks ago, but the negotiations stalled when Trump issued a new threat, this time a 30% levy against the bloc if no deal is reached by Aug. 1.