U.S. and EU scramble to strike a trade deal ahead of Aug. 1 deadline

The Trump administration and the EU are racing to finalize a trade deal before the August 1 deadline, with potential tariffs threatening to increase costs for consumers and businesses. Recent agreements with other trading partners, like Japan, suggest a framework for negotiations, while the EU could agree to a 15% tariff, which would still raise prices despite being lower than previous threats.

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