European Commission President Ursula von der Leyen will meet U.S. President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend.

President Donald Trump on Friday said there is a “50-50 chance” the United States will reach a trade agreement with the European Union to reduce tariffs, even as EU diplomats have signalled greater optimism about striking a deal before the August 1 deadline.

At present, there are no tariffs on either sector while the US holds an investigation on national security grounds into imports of those goods. However, indications are that the investigation may result in the EU seeing a 15% tariff imposed on both pharmaceuticals and computer chips once the process concludes.

The European Union could hit the United States with counter-tariffs on 93 billion euros ($109 billion) worth of U.S. goods if the two sides fail to reach a trade deal by Washington's August 1 deadline for imposing import levies.

The European Union and the US are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations.

Negotiations between the EU and the United States to strike a last-minute trade deal are "ongoing," European Commission President Ursula von der Leyen said on Thursday, with only eight days to go before new US tariffs on the bloc take effect.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

German auto giant Volkswagen is feeling the effects of President Trump's tariff policy. An EU-US trade deal can't come soon enough for the Wolfsburg-based automaker.

European Union countries approved a proposal by the European Commission to potentially impose import tariffs on goods with a total trade volume of €93 billion ($109. 4 billion) if talks with the United States fail,

The European Union plans to quickly hit the US with 30% tariffs on some €100 billion worth of goods in the event they fail to strike a trade deal and President Donald Trump carries through with his threat to impose that rate on most of the bloc’s exports after Aug. 1.

While Land Rover has its new Defender, some customers yearn for the old boxy, body-on-frame brute. Enter the INEOS Grenadier. The brainchild of billionaire Jim Ratcliffe, founder of London's INEOS Group,

US stocks are floating near all-time highs as Wall Street maintains cautious optimism that Washington might ink more trade deals, avoiding a worst-case scenario of extraordinarily high tariffs and enabling the resilient economy to continue chugging along.