The United States and European Union are racing to finalize a major trade agreement before an August 1 deadline, with President Trump threatening to impose tariffs of up to 30% on EU imports if no deal is reached. Negotiations have centered around a potential compromise involving 15% reciprocal tariffs, but uncertainty remains as both sides prepare retaliatory measures in case talks collapse. European leaders, including Ursula von der Leyen, are set to meet with Trump in Scotland to try to avert a transatlantic trade war. The standoff has rattled global markets and raised concerns among European industries about the impact on exports and supply chains. Both sides have readied extensive countermeasures, signaling that failure to reach an agreement could trigger significant economic fallout.
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