The United States and European Union are on the verge of a high-stakes trade agreement, with President Trump threatening to impose tariffs of up to 30% on EU imports if a deal is not 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 the possibility of failure. The EU has approved a massive €93 billion retaliatory tariff package targeting US goods, signaling readiness for a trade war if talks collapse. Markets are reacting cautiously, with investors watching closely as the outcome could significantly impact global trade and economic stability. The situation remains tense, with Trump estimating a '50-50' chance of success and both sides bracing for potential escalation.
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