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.

President Donald Trump on Friday said there is a “50-50 chance” the United States will reach a trade agreement with the European Union to reduce tariffs, even as EU diplomats have signalled greater optimism about striking a deal before the August 1 deadline.