The European Union wants immediate relief from tariffs in key sectors as part of any trade deal with the United States due by a July 9 deadline, but the bloc expects even a best-case deal to include a degree of asymmetry, EU diplomats told Reuters. The European Commission, which coordinates EU trade policy, is pushing three key points in Washington this week even as it accepts the U.S. baseline tariff of 10% as unavoidable. Both sides are working towards an agreement in principle, with the final details to be ironed out later.

The European Union is considering lowering tariffs on a range of U.S. imports in a bid to clinch a speedy trade deal with President Trump, the Wall Street Journal reported. EU leaders are set to debate how much they are willing to sacrifice to win over Trump at a meeting in Brussels on Thursday evening. Other concessions under consideration include lowering nontariff barriers, buying more American products including liquefied natural gas, and offering to cooperate with the U.S. to tackle its economic concerns about China.

The European Union plans to impose retaliatory tariffs on US imports, including on Boeing Co. (BA) aircraft, if President Donald Trump puts a baseline levy on the bloc’s goods as many expect, Bloomberg News reported. EU officials expect the US to keep some duties in place, even after trade negotiations are concluded. Until now, the European Commission, which handles trade matters for the EU, hasn’t indicated if that would trigger retaliation from the bloc.

Two of the world’s largest cryptocurrency companies are poised to secure licences granting them access to operate across the European Union, as a rift grows among regulators over the speed and rigour of some countries' approvals, Reuters reported. Under the EU’s new Markets in Crypto-Assets (MiCA) regulation, which came into force earlier this year, member states can issue licences that allow crypto companies to operate throughout the 27-nation bloc, but some have raised concerns in closed-door meetings about the speed with which licences are being granted.

The European Commission on Thursday said it would delay the implementation of new, global rules governing banks' trading by a year, until Jan 1, 2027. Sources told Reuters last month that the EU would delay the implementation of the rules as it waits for more clarity about the U.S. administration's plans to deregulate its financial sector. The so-called Fundamental Review of the Trading Book is a key part of the Basel III package, devised in the wake of the global financial crisis, but not yet implemented by Britain or the United States, two of the world's key financial centres.

The European Commission has proposed an 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Moscow's energy revenues, its banks and its military industry, European Commission President Ursula von der Leyen said on Tuesday, Reuters reported. The new package proposes banning transactions with Russia's Nord Stream gas pipelines, as well as banks that engage in sanctions circumvention.

Canada prepared possible reprisals while the European Union reported progress in trade talks on Wednesday as new U.S. metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington, Reuters reported. President Donald Trump's doubling of tariffs on steel and aluminum imports kicked in on Wednesday, the same day his administration sought "best offers" from trading partners to avoid other punishing import levies from taking effect in July. The move will hit the closest U.S. trading partners - Canada and Mexico - especially hard.