EU, US could reach framework trade deal this weekend, EU officials say
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, News.Az reports citing Reuters.
The deal would likely include a 15% baseline tariff on all EU goods entering the United States and probably a 50% tariff on European steel and aluminium, the officials and diplomats said.
"Following a good call with @POTUS, we have agreed to meet in Scotland on Sunday to discuss transatlantic trade relations, and how we can keep them strong," von der Leyen said in a post on X.
Trump on Friday said there was a 50-50 chance or perhaps less that the U.S. would reach a trade agreement with the European Union, adding that Brussels wanted to "make a deal very badly".
"We are close to an agreement and it is possible we will reach it during the weekend," one senior EU official said.
Trump will visit his golf courses in Scotland and meet British Prime Minister Keir Starmer on Monday.
European luxury and auto shares - two of the sectors most exposed to tariffs along with wine and spirits - rose, with LVMH and Europe’s largest car manufacturer Volkswagen (ETR:VOWG_p) closing up around 4% and 3%, respectively, the biggest gainers.
Combining goods, services and investment, the EU and the United States are each other’s largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict jeopardised $9.5 trillion of business in the world’s most important commercial relationship.
Further tariffs on copper and pharmaceuticals are also looming.
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