Reference News Network, July 27 report: According to the U.S. World News Network, July 26 report, EU Commission President von der Leyen is scheduled to meet with Trump in Scotland on July 27 to try to reach a trade agreement by August 1. EU officials and diplomats said that the U.S. and EU are expected to reach a framework trade agreement, which may include a 15% base tariff on all EU goods exported to the U.S., and a 50% tariff on steel and aluminum imports from the EU.

Bloomberg reported that after months of negotiations and diplomatic exchanges, Brussels and Washington have focused their efforts on negotiations in the past week.

If an agreement is reached, most EU goods will face a 15% tariff. The aviation industry, certain medical devices and generic drugs, several types of spirits, as well as specific manufacturing equipment needed by the U.S. are expected to be granted limited exemptions. Certain steel and aluminum products are expected to benefit from quota agreements, while those exceeding the quotas will face a higher 50% tax rate.

Von der Leyen stated on the social platform X: "After a good phone call with the U.S. president, we agreed to meet in Scotland on July 27 to discuss transatlantic trade relations and how to maintain its solid development." Trump reiterated that he believes there is a "50% chance" of reaching an agreement with the EU, saying, "If it is achieved, it will be the largest deal among all agreements."

The EU continues to seek quotas or ceilings for potential future industry tariffs. It is currently unclear whether reaching a preliminary agreement would protect the EU from possible future tariff increases. The agreement between the two sides will also cover non-tariff barriers, cooperation on economic security matters, and strategic procurement in industries such as energy and artificial intelligence (AI).

Informed sources revealed that any preliminary agreement must be approved by member states, and it is expected to be released in the form of a brief joint statement, which will be seen as the cornerstone for future more detailed negotiations between the EU and the U.S.

If the negotiations fail, the EU has prepared countermeasures, which could take effect as early as August 7, including tariffs of up to 30% on approximately 100 billion euros worth of U.S. goods imported into the EU. The EU is also ready to use anti-coercion tools.

Currently, the EU faces tariffs on more than 70% of its exports to the U.S., with a 50% tax on steel and aluminum products, 25% on cars and parts, and 10% on most other goods. Trump recently stated that if no agreement is reached by August 1, in addition to existing industry-specific tariffs, most EU goods will face a 30% tariff.

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