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.

US-China trade talks will be the main event of the week, along with China’s July purchasing managers’ index. Other key data reports are expected from South Korea, Japan and Taiwan. The Bank of Japan is seen leaving rates unchanged