Portuguese Finance Minister Joaquim Miranda Sarmento said he sees the European Union and the US reaching an agreement with tariffs potentially below 10% that would help keep trade flowing.

It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off the imposition of sweeping tariff hikes on the United States’ largest trading partner.

The president is again threatening higher tariff rates on a dozen foreign nations, as a deadline elapses this week for making trade deals.