The US and EU are close to signing a trade deal with 15% tariffs on EU products. The deal is expected to be similar to the one signed with Japan, the Financial Times reports.

Brussels may agree to so-called reciprocal tariffs to avoid Donald Trump's threat to impose 30% tariffs on August 1, according to three sources cited by the British newspaper.

Both sides have dropped tariffs on some products, including aircraft, spirits, and medical devices, according to the sources. EU member state envoys have already been informed by the European Commission following talks with the US, the newspaper reports.

According to Bloomberg, EU officials are working to ensure that motor vehicles are covered by the 15% tariffs, rather than the current higher rates of nearly 30%.

Furthermore, steel and aluminum imports only above a certain quota would face the 50% tariffs imposed by the Trump Administration, the agency said.

Although EU officials are optimistic about a deal, they point out that the agreement is dependent on Donald Trump's authorization, so the outcome is difficult to predict, says Bloomberg.

Early Wednesday morning, Trump announced an agreement with Japan that also establishes 15% tariffs, as well as a commitment to Japanese investment worth $550 billion and to import more American vehicles and agricultural goods.

The agreement prevents the application of reciprocal tariffs set by letter in relation to Japan at the beginning of the month, which would be 25% if there was no agreement by August 1.

Regarding the EU, if there is no agreement by the deadline, the bloc is finalizing a large-scale trade retaliation plan, with tariffs that could affect around 100 billion euros in North American products, if there is no agreement by the deadline imposed by Washington, Bloomberg reported this Wednesday.