European Commission President Ursula von der Leyen said on Thursday that she is aiming for an “agreement in principle.”

“Indeed, what we are aiming at is an agreement in principle, because [with] such a volume, in 90 days, an agreement in detail, it’s impossible,” von der Leyen said.

She added that the commission is preparing in case a deal is unachievable, saying “all the instruments are on the table.”

“We want a negotiated solution, but you will know that at the same time we are preparing for the possibility no satisfactory agreement is reached. We will defend the European interest as needed — in other words all the instruments are on the table,” von der Leyen said.

European Commission spokesman Olof Gill met with U.S. officials in Washington, D.C., this week, trade talks that yielded at least some progress as they continue into the holiday weekend.

Gill indicated that “progress was made towards an Agreement in Principle during the latest round of negotiations which took place this week” and “the Commission will now re-engage with the U.S. on substance over the weekend.”

Treasury Secretary Scott Bessent suggested a deal was possible after meeting with the EU’s trade chief, Maros Sefcovic, on Thursday.

“We’ll see what we can do with the EU,” he told reporters, adding that the U.S. was “going to see a lot more trade deals.”

In exchange for the 10% blanket tariff, the EU reportedly wants more time and concessions on the 25% automobile tariff, which is hurting the German automobile industry.

German Chancellor Friedrich Merz has signaled that he wants a “quick and simple” deal.

“It is better to achieve a quick and simple solution than a lengthy and complicated one that remains in the negotiation stage for months,” he said.

Merz added that such a deal was needed “to remove the burden of tariffs on our businesses, which are far too high,” and revealed that the current talks were “not about a minutely detailed trade deal” but “the quick resolution of a tariff dispute.”

Bloomberg reported that any initial deal would likely be short and not legally binding, an assessment that comes as the EU wants other concessions as well, including lower tariffs on pharmaceuticals, alcohol, semiconductors, and commercial aircraft.

The EU has already approved tariffs on $24.7 billion of U.S. goods that can be used in response to the U.S.-imposed metals levies. The tariffs target politically-sensitive U.S. states like House Speaker Mike Johnson’s (R-LA) home of Louisiana and its soybean industry as well as poultry, other agriculture products, and motorcycles. They’ve also prepared high tariffs on Boeing aircraft, U.S.-made cars, and bourbon.

TRUMP TO RESUME TARIFFS ON MAJOR TRADE PARTNERS

Trump indicated on July 4 that letters outlining expected tariff rates would be sent to a dozen countries, suggesting it’s a “much easier” way to reach trade deals.

“I signed some letters and they’ll go out on Monday, probably 12. Different amounts of money, different amounts of tariffs,” Trump said without naming the recipients.