The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.

(Reuters) -European shares rose on Thursday, underpinned by mining stocks, as investors awaited progress on a potential trade deal between the United States and the European Union. The pan-European STOXX 600 index was up 0.5% at 552.45 points, as of 0709 GMT.

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German finance minister Lars Klingbeil has warned that the EU stands ready to impose retaliatory measures against US goods if the two parties fail to reach a “fair” deal to resolve their trade dispute. Klingbeil told German MPs on Tuesday:

European Union negotiators are closing in on a trade deal with U.S. President Donald Trump that would cement higher tariffs than those granted to the UK, the Financial Times reported on Wednesday.

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.

Shares of European wine and spirits distillers were given a boost during overseas trading thanks to efforts by the European Union to seek an exemption from U.S. trade tariffs. Shares of Remy Cointreau SA (OTCPK:REMYF) (OTCPK:REMYY),

The European Union may be nearing a trade agreement with the United States but is struggling to obtain immediate tariff relief and a commitment not to introduce new measures, the head of the European Parliament's trade committee said on Wednesday.