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The US remains firm on its August 1st deadline for increased tariffs on EU imports, despite ongoing trade negotiations. Commerce Secretary Lutnick expressed confidence in reaching a deal but emphasized the deadline's firmness. The EU is preparing retaliatory measures, but Lutnick downplayed their impact. While the EU hopes for a deal similar to the UK's, analysts are skeptical, citing the complex relationship between the EU and President Trump. Trump reportedly seeks a 15-20% minimum tariff, potentially devastating European exports, according to economic analysts.

Prepared by Rachel Morgan and reviewed by editorial team.