EU Prepared to Accept US Universal Tariff, Seeks Key Exemptions

The European Union is willing to accept a trade arrangement with the US that includes a 10% universal tariff on many of its exports, but wants the US to commit to lower rates on key sectors. The bloc is also pushing the US for quotas and exemptions to effectively lower Washington's 25% tariff on automobiles and car parts as well as its 50% tariff on steel and aluminum, according to people familiar with the matter. The EU has until July 9 to clinch a trade arrangement with Donald Trump before tariffs on nearly all of the bloc's exports to the US jump to 50%. Bloomberg's Oliver Crook reports.