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.

Simon Harris said the EU and the US must work “intensively” to get a deal on tariffs in place before the deadline for increased rates, but added he has concerns for the pharma industry. The Trump administration said it has pushed back a deadline for tariffs to come into place to August 1st.