The EU and United States are closing in on a trade deal that would impose 15% tariffs on European imports, similar to the agreement U.S. President Donald Trump struck with Japan this week, the Financial Times reported on Wednesday.

The European Union plans to quickly hit the US with 30% tariffs on some €100 billion ($117 billion) worth of goods in the event of no deal and if US President Donald Trump carries through with his threat to impose that rate on most of the bloc’s exports after Aug.

The European Union is reportedly preparing to impose 30% tariffs on up to €100 billion ($117.2 billion) of U.S. goods if no trade deal is reached and President Trump follows through with his threat to raise tariffs on EU exports after August 1.

U.S. President Donald Trump has now set his sights on trade negotiations with the European Union, after announcing a framework agreement with Japan. "We have Europe coming in tomorrow, and the next day, we have some other ones coming in," Trump said late on Tuesday, without specifying details.

As the Aug. 1 deadline for tariff agreements approach, lawyers and political consultants caution that trade fights are likely ahead.

U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans.