The European Union and the United States are locked in high-stakes negotiations to finalize a trade deal before an August 1 deadline, with President Trump threatening to impose tariffs of up to 30% on EU imports if no agreement is reached. European Commission President Ursula von der Leyen is set to meet Trump in Scotland to try to clinch the deal, which could see a baseline 15% tariff on goods. The EU has prepared a massive retaliatory package targeting over $100 billion in US goods should talks fail, signaling readiness for a trade war. Markets are reacting cautiously, with investors watching closely as the outcome could have significant global economic implications. Both sides are under pressure to avoid escalation, but uncertainty remains high as the deadline approaches.
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