06:05 AM EDT, 08/27/2025 (MT Newswires) -- The European Union is seeking to fast-track legislation by the end of the week to eliminate all tariffs on US industrial goods, a demand by US President Donald Trump before his administration will reduce duties on the bloc's automobile exports, Bloomberg News reported Wednesday.

The European Commission is also expected to give preferential tariff rates on certain seafood and agricultural goods, the news outlet reported, citing people familiar with the matter.

While EU officials acknowledge that the deal largely benefits the US, they said it is necessary to provide stability and certainty for businesses, Bloomberg reported.

The European Commission and the White House didn't immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)