Investing.com - European leaders widely support the swift conclusion of a trade deal with the United States as the deadline for the aggressive 'reciprocal' tariffs of President Donald Trump approaches, Reuters reports.

Citing officials and diplomats, the news agency reported that the leaders of the 27 EU member states meeting in Brussels on Thursday will urge the European Commission — which negotiates on behalf of the bloc — to reach an agreement soon, even if it ultimately favors Washington.

According to the report, this would then allow the EU to take its own measures to rectify alleged trade imbalances.

Germany, the traditional economic powerhouse of Europe and a major exporter, especially supports the swift conclusion of a deal with the US, with Chancellor Friedrich Merz stating that the continent is experiencing 'decisive weeks and months'. A survey published on Wednesday indicated worsening sentiment among German exporters due to ongoing uncertainty regarding the trajectory of American tariffs, while the industry association lowered its annual growth forecast for Germany due to these duties.

The urgency is related to the fact that the pause in the application of Trump's reciprocal tariffs is set to end in less than two weeks. While the EU seeks a mutually beneficial agreement, the Trump administration reportedly intends to maintain a broad 10% tariff on most goods from the EU and threatens increased rates if negotiations drag on, Reuters reports.

Washington has already imposed import tariffs of 50% on steel and aluminum from the EU, 25% on cars and auto parts, and a 10% tariff on most other goods. Trump, who often accused the bloc of unfair trade practices, stated that the 10% rate could rise to 50% without a deal.

Meanwhile, the EU's response to the base tariff remains uncertain. The EU previously announced tariffs on American goods worth 21 billion euros but has not implemented them. The possibility of imposing additional import duties from the US worth up to 95 billion euros is also under consideration.

A tax on digital advertising is also being discussed — a step that could impact American tech giants such as Google's parent company Alphabet (NASDAQ:GOOGL) and the owner of Facebook Meta (designated as an extremist organization and banned in the Russian Federation) Platforms (NASDAQ:META).