TMTPOST -- Head   of   the top executive body of   the   European Union   suggested on Thursday   the bloc now aims to   reach a   brief   trade agreement instead of a detailed   one   as U.S.   President Donald Trump ’ s July 9 deadline for higher reciprocal tariffs looms.

Credit：Xinhua News Agency

The EU and U.S.   are aiming first for a   less   detailed trade "agreement   in principle"   as a final   trade deal   is "impossible"   ahead of July 9, European Commission President Ursula von der Leyen told   at a   press   conference.  

"It ’ s   a huge task   because we have the largest trade volume globally between   the EU and the United States, € 1.5tn [ annually ] — very complex and a huge quantity,"    von der Leyen   said. She continued:   "What we are aiming at is   an agreement in principle,   because in such a volume   in 90   days, an agreement in detail is impossible."  

Von der   Leyen   noted Britain,   which became the   first U.S.   trading partner that   stuck a trade deal   before July 9, had also agreed   an agreement   in principle   with America. "As far as I am informed there are only two countries so far that have concluded with an agreement in principle,"   she said, referring to Britain and Vietnam.  

Trump on Wednesday announced on his social media platform Truth Social that he made a trade deal with Vietnam,   and the two sides agreed that U.S. would impose 20% tariffs on all goods imported from Vietnam and 40% tariffs on "any Transshipping."   Vietnam ’ s Ministry of Foreign Affairs said Thursday that trade negotiators are still coordinating with their US counterparts to finalize the details of the deal, not providing further details.

Signs on   Thursday   showed   U.S. and EU officials   are closer   to   a   trade   deal   though   it   may   be a sketchy   one outlining the   key   parts   to address major concerns.   The EU is on the   brink of   a high-level "framework" trade deal   to   avert 50% tariffs on   EU   imports imposed   by the Trump administration   beyond July   9,   Guardian reported   on Thursday.   It   cited   on EU diplomat that European officials expected a deal "if not this week   then   before   Wednesday   [ July 9 ] ",   because   it was   "in everybody ’ s interest."

The U.S. Treasury Secretary Scott Bessent indicated   a deal was possible   after   meeting the EU ’ s trade chief.   European Trade Commissioner Maros Sefcovic   on Thursday   in Washington. He said "We ’ ll see what we can do with the EU", and on the eve of 4 July celebrations that the US was "going to see a lot more trade deals".  

Bessent said U.S. Trade Representative Jamieson Greer will be   "working   diligently over the weekend"   with European officials after he   and Commerce Secretary Howard Lutnick   met   with Sefcovic   on Thursday.  

The Guardian reported that the EU was willing to accept Trump ’ s 10% blanket tariffs, which is the only thing the European negotiators would like to accept, in exchange for an extension in talks and possible concessions on a 25% auto tariff. Sefcovic was said   to seek a   standstill clause   to provide   guarantees that the US can stand over that there would be no imposition of new tariffs in any extension period.

The EU   will   probably accept a 10% universal levies   but   wanted to get cuts to tariffs   on individual   sectors   such as steel   and auto   and parts,   the Financial Times ( FT ) learned from   EU diplomats   on Thursday.   The British newspapaer   on Tuesday reported the European capitals are insisting the U.S. rolls back its tariffs on the EU immediately as part of any framework deal ahead of the July 9 deadline. Sefcovic has been reportedly instructed to take a tougher line on his trip on Washington this week as Brussels attempts to remove or at least cut Trump's levies in the long term, per   the report.

It was reported on Tuesday that top U.S. trade officials were seeking phased deals with the most engaged countries by July 9, and countries agree on such deals would be spared steeper reciprocal tariffs, but left with an existing 10% baseline levy while talks on thornier issues continue.

The FT report on Tuesday echoed the report. It cited EU officials that the U.S. has signaled to Brussels that the most likely first-stage agreement is a Britain-style phased one that remains some existing   tariffs while talks continue. However, ambassadors from EU member states on Monday asked Sefcovic to insist any such deal includes reductions in the current 10% baseline reciprocal tariffs from July 9, and they also demanded reductions to higher levies on individual sectors.