France’s industry minister says 10% tariffs not good deal for EU

French Industry Minister Marc Ferracci said agreeing to 10% tariffs on European exports to the US would be a bad deal, signaling disapproval of a potential compromise with Washington.

The European Union has until July 9 to clinch a trade arrangement with Donald Trump before tariffs on nearly all exports to the US jump to 50%. Some members of the bloc are willing to accept a deal that includes keeping a 10% universal tariff on many of the bloc’s exports, but with lower rates in certain sectors, Bloomberg reported earlier.