The European Union may be nearing a trade agreement with the United States but is struggling to obtain immediate tariff relief and a commitment not to introduce new measures, the head of the European Parliament's trade committee said on Wednesday.

Shares of European wine and spirits distillers were given a boost during overseas trading thanks to efforts by the European Union to seek an exemption from U.S. trade tariffs. Shares of Remy Cointreau SA (OTCPK:REMYF) (OTCPK:REMYY),

The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.

The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.

Trump’s new tariffs spark global fallout as EU nears limited trade deal. Japan, South Korea, and BRICS push back amid rising economic tensions and market jitters ahead of August deadline.