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 European Union is readying a sweeping €100 billion ($117 billion) package of retaliatory tariffs on American goods if President Donald Trump follows through on his threat to impose a 30% levy on most EU exports after August 1,

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

The European Union and the United States are heading towards a trade deal that would result in a broad tariff of 15% applying to EU goods imported into the United States, two diplomats said on Wednesday.

The European Union will merge two packages of potential tariffs against the U.S. so that both are ready to take effect in early August if no deal has been reached with the Trump administration. The combined list will need approval from EU member states and could take effect as soon as Aug.

As the tariff pause ends, the Trump administration should pivot to a more targeted and strategic policy that minimizes domestic harm.

Gold prices extended losses on Wednesday following reports that the U.S. and European Union were closing in on a 15% tariff deal, dampening safe-haven demand, while silver earlier surged to its highest level since September 2011.

Many U.S. companies, including GM, Walmart, and Home Depot, are currently absorbing tariff costs, sacrificing profits to shield consumers from price hikes.