It wasn’t immediately clear if the EU would be able to secure tariff reductions for particular industries, such as automotive or steel, a key demand from member states including Germany. The EU currently faces 25% tariffs in the automotive sector and 50% tariffs on steel and aluminum.

There are just a few days left before the end of a 90-day reprieve on reciprocal tariffs imposed by the U.S. Retaliatory measures from the EU, which have also been paused for now, could then quickly follow.

US President Donald Trump said his administration will probably start notifying trading partners Friday of the new US tariff on their exports effective Aug. 1, while reiterating a preference for simplicity over complicated negotiations five days before his deadline for deals.