The European Union is open to a trade deal with the U.S. that includes a universal 10% tariff on many EU exports, but seeks lower rates on key sectors like pharmaceuticals, alcohol, semiconductors, and aircraft, Bloomberg News reported. The proposed deal would also address non-tariff barriers, U.S. purchases of EU goods, and broader areas of cooperation. The EU is additionally pushing for quotas and exemptions to reduce the impact of current U.S. tariffs - 25% on cars and parts, and 50% on steel and aluminum. While the European Commission sees the potential deal as slightly favoring the U.S., it considers it acceptable. The EU faces a July 9 deadline to finalize an agreement before nearly all of its exports to the U.S. could face a sharp tariff hike to 50%. President Trump has imposed broad tariffs on U.S. trading partners, citing the need to revive domestic manufacturing, fund tax cuts, and counter perceived unfair trade practices.