The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.

The European Union and the US are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations.

The Commission said on Wednesday its primary focus was to achieve a negotiated outcome with the United States to avert 30 percent U.S. tariffs that U.S. President Donald Trump has

The European Union is heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1,

The EU says its negotiators are working "might and main" on a deal, but the decision rests with US President Trump.

At present, there are no tariffs on either sector while the US holds an investigation on national security grounds into imports of those goods. However, indications are that the investigation may result in the EU seeing a 15% tariff imposed on both pharmaceuticals and computer chips once the process concludes.

The European Union plans to quickly hit the US with 30% tariffs on some €100 billion worth of goods in the event they fail to strike a trade deal and President Donald Trump carries through with his threat to impose that rate on most of the bloc’s exports after Aug. 1.

Federal figures suggest Canadian companies are looking to Europe in larger numbers to reduce their reliance on markets and investment in the United States.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.