Trump and von der Leyen Negotiate Tariffs in Scotland

US President Donald Trump met with European Commission President Ursula von der Leyen in Scotland to discuss tariffs. Trump stated that the chances of reaching an agreement are 50-50.

Trump has set a deadline of August 1st to reach an agreement before imposing 30% tariffs on European products imported into the US. The meeting took place in Turnberry, where the Trump family owns a luxury golf resort.

If no agreement is reached, Brussels is prepared to retaliate by imposing tariffs on American products and services.

The European Central Bank (ECB) kept interest rates unchanged, awaiting the outcome of the tariff negotiations. ECB President Christine Lagarde linked future ECB decisions to the outcome of EU-US negotiations and their impact on inflation and Eurozone growth.

European sources report that the text under discussion provides for 15% tariffs on European exports to the US, with exceptions for aerospace and spirits, but not for wine. Steel will be subject to specific rules, with quotas for imports from Europe.