The United States and European Union are on the verge of a high-stakes trade agreement, with President Trump warning of steep tariffs—up to 30%—on EU imports if a deal isn't reached by August 1. European Commission President Ursula von der Leyen is set to meet Trump in Scotland to finalize negotiations, but both sides are preparing for a possible trade war if talks collapse.
The EU has approved a massive €93 billion retaliatory tariff package targeting US goods, signaling readiness to strike back. Markets are reacting cautiously, with investors watching closely as the outcome could reshape global trade and impact industries from cars to agriculture.
The situation remains tense, with Trump estimating only a '50-50' chance of a deal, and both sides bracing for economic fallout if negotiations fail.
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