The European Union and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday, potentially moving President Donald Trump closer to another major trade agreement on the heels of the one he just unveiled with Japan.

Observers are closely watching plans for a 'new Japanese/USA investment vehicle.' They expect it to provide a template of sorts for a slew of remaining trade talks — even as conflicts grow over exactly what was agreed to.