Ireland's European Commissioner has said that he hopes the "outline" of a trade deal between the European Union and the United States can be agreed by 9 July.
Michael McGrath said that an agreement needs to be reached "as soon as possible" to provide stability.
However, he warned that a "comprehensive" deal may not be secured by next month's deadline as experience has shown it can take a very long period of time.
"It may not be possible to have the level of detail that you would normally have in a trade agreement completed by July 9th, but hopefully we can have the outline of an agreement that can provide the stability we need," said Mr McGrath, who is Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection.
He described the ongoing talks as "detailed, protracted and quite challenging", but added that "everyone is still at the table, negotiating in good faith".
Speaking at the European Commission in Brussels, Mr McGrath said: "We're doing everything we possibly can" to secure an agreement.
"We’re negotiating in good faith, and the US side are very clear on what the EU position is, what our expectations are."
Mr McGrath said that he had discussions with Commissioner for Trade and Economic Security Maroš Šefčovič today, who he said is "knee deep" in the talks.
"We’re really conscious that businesses crave certainty, predictability and stability, and all of that has been in short supply in recent months and we want that to be provided as quickly as possible for them, so the sooner we get a deal the better."
Amid reports that a baseline 10% tariff could be on the table, Mr McGrath said the EU is "not conceding that any particular level of tariff represents a new baseline."
US President Donald Trump’s administration has set a deadline of 9 July for the imposition of higher tariffs of up to 50% on the bloc, if a trade deal is not reached.
Asked about the importance of reaching an agreement to alleviate the ongoing uncertainty, Mr McGrath said: "A continuation of the status quo is not ideal".
"The longer that the status quo continues, then EU companies' exports are subject to these tariffs, the 10% tariff and the 25% in the case of automotives and steel and aluminum."
He said the EU's position is well known.
"We want tariffs to be either zero or as low as possible. We think it is a mutually beneficial trading relationship - about €1.6 trillion of transatlantic trade every year, millions of jobs directly supported either side of the Atlantic."
Mr McGrath said the European Commission wants the best deal possible, both for EU consumers and businesses, and it does not believe the tariffs are the solution to trading issues.
"It is a challenging context in the negotiations. It won't surprise anyone that the negotiations are detailed, protracted and quite challenging, but everyone is still at the table, negotiating in good faith.
"Where there are issues in the global trade system that have been identified by the US side, including overcapacity in certain sectors, we believe that we need to work together to resolve those issues and we do not believe the tariffs are the solution."
Govt to convene trade forum ahead of tariffs deadline
The Government is to hold a special meeting of Ireland's trade forum next Wednesday - a week from the scheduled lifting of the pause on higher tariffs by the US.
Tánaiste and Minister for Trade Simon Harris met his Italian and New Zealand counterparts this week.
The forum is made up of Government departments, business groups and trade unions.
Mr Harris said: "There are less than two weeks to go until we reach the deadline set by US President Donald Trump for a deal to be struck with the European Union.
"In recent days I have been talking with the President Trump's US Trade Representative and the EU Trade Commissioner.
"We appear to have reached a situation now whereby the imposition of 10% tariffs has become accepted as a norm or some kind of baseline. This is concerning as even that level of tariff is challenging for many sectors of the economy."
The Tánaiste said that he would be making the case for zero-for-zero tariffs in any many areas as possible.
Pharmaceutical and computer chip exports have not been hit with US levies.
