The EU is contemplating a temporary trade agreement with the US, retaining a 10% tariff on most exports, following negotiations aimed at averting President Trump's threatened 50% tariff on European imports.

EU and US negotiators are attempting to finalize a deal on tariffs before an impending deadline on July 9. Experts say a no-deal scenario is possible.

President Trump said he was preparing to set unilateral tariff rates of up to 70% that would kick in Aug. 1, delaying the levies while putting pressure on global trade negotiations. The European Union will hold crunch talks with the U.