The European Union is preparing a proposal to take forward the trade agreement with the US concluded over the summer. According to Bloomberg sources familiar with the negotiations, the plan is due to be presented before an expected meeting between Trade and Economic Security Commissioner Maroš Šefčovič and US officials at the end of November.

According to the agency's information, this is Brussels' response to Washington's proposals, which call for legally binding changes to European regulations that allegedly harm US businesses.

The deal, struck in August by Commission President Ursula von der Leyen and President Donald Trump, imposed a 15 percent tariff on most European products exported to the US. At the same time, the two sides committed to continue dialogue on steel, aluminium and non-tariff barriers.

The forthcoming "implementation action plan", which has not yet been presented to Washington, is to cover five areas. These include reducing tariffs and expanding market access for selected goods, including wine and spirits, as well as deepening cooperation on digital trade and technical standards.

Steel and aluminium remain one of the key topics. European producers still face tariffs of 50% on exports of these metals and their derivatives to the US. The European Commission is therefore proposing the introduction of a quota system that would allow a certain volume of exports at lower tariffs. At the same time, it wants to work with Washington to tackle the problem of global overproduction of metals, which threatens markets on both sides of the Atlantic.

The plan would also include the establishment of an economic security task force, focusing on investment controls, export restrictions and the supply of critical raw materials.

Also to be discussed is the monitoring of the EU's strategic investments in liquefied natural gas (LNG) and semiconductors, which were part of the August agreement.

The European Commission has confirmed that it is in talks with the US at both political and technical level, but has not yet commented on the content of the plan.

(bloomberg, est)