The US has pitched a new tariff deal to the European Union that would keep a 10% flat rate on all incoming goods, but with exceptions for aircraft and alcoholic spirits, according to a report from Politico.

President Donald Trump has officially delayed imposing higher tariffs on US imports, while sending letters to 14 countries including Japan and South Korea detailing the levies they face. The latest development comes as a 90-day pause the White House placed on some of its most aggressive import taxes was set to expire this week.

President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

President Donald Trump has delayed imposing higher tariffs on US imports, while sending letters to 14 countries including Japan and South Korea detailing the levies they face. The latest development comes as a 90-day pause the White House placed on some of its most aggressive import taxes was set to expire this week.

The European Union is to be given an extra three weeks to negotiate an agreement with the United States to avert an escalating trade war between the two sides.

The European Union is working closely with US President Donald Trump's administration to reach a trade deal, but Brussels is getting ready for all scenarios, European Commission President Ursula von der Leyen has said.