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.

Japan will invest $550 billion in the U.S. and allow the U.S. to tax Japanese goods sold in America at 15 percent.

Trade pact would lower tariffs on car imports from Japan to 15% from 25%, spurring hope that other countries could get similar deals