The European Union is seeking to conclude a preliminary trade deal with the US this week that would allow it to lock in a 10% tariff rate beyond an Aug. 1 deadline as they negotiate a permanent agreement.

The EU is aiming for a July 9 deal, which would include a 10 percent baseline tariff. Trump has threatened to impose 50 percent tariffs if no deal is reached.

The European Commission and the U.S. government are accelerating efforts to finalize a trade agreement before a crucial July 9 deadline, EU officials confirmed Monday. European Commission President Ursula von der Leyen