AsianFin -- The European Union is prepared to accept a proposed trade pact with the United States that includes a universal 10% tariff on a wide range of its exports, provided Washington offers concessions on key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft, according to people familiar with the talks.

The bloc is also pushing for exemptions and quotas that would effectively ease steep U.S. tariffs, including the 25% duty on automobiles and auto parts and the 50% levy on steel and aluminum.

The European Commission, which oversees trade negotiations for the EU, sees the proposed framework as slightly skewed in favor of the US, but still within a range it could ultimately support, said the people, who asked not to be named discussing private deliberations.