Earlier, a report by German newspaper Handelsblatt stated that the 10% tariff offer would come with certain conditions and that it would not be permanent.

The European Union on Monday denied media reports which said the bloc is considering accepting flat 10% Trump tariffs.

Meanwhile, U.S. equity markets surged on Monday, as the ongoing Israel-Iran conflict has not impacted crude supplies yet.

The SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.95% at the time of writing.

The European Commission stated its negotiations with the U.S. are still ongoing, according to a Reuters report.

“Negotiations are ongoing, and no agreement has been reached at this stage. The EU has from the start objected to unjustified and illegal U.S. tariffs,” the Commission said.

It dismissed media reports which said it was considering accepting flat 10% tariffs as speculative, adding that they do not reflect the ongoing discussions with the U.S.

Earlier, a report by German newspaper Handelsblatt stated that the 10% tariff offer would come with certain conditions and that it would not be permanent.

The report stated that the EU was prepared to reduce tariffs on U.S.-made vehicles and streamline its regulatory process to facilitate the easier sale of U.S. cars in the region.

It also noted that the EU could announce a blanket ban on Russian natural gas purchases, potentially opening up more demand for U.S. energy companies.

Despite this, negotiators from the U.S. have not agreed to limit import duties on European cars to 10%, the report added.

The EU’s reported offer comes days after President Trump’s ultimatum to trade partners, where he said they would have to either take those deals or leave.

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