Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.

European Commission President Ursula von der Leyen on Sunday said a U.S. baseline tariff rate of 15% on imported EU goods would apply to cars, semiconductors and pharmaceutical goods. She also said that a zero-for-zero tariff rate had been agreed for certain strategic products,

In Scotland, US President Donald Trump and EU chief Ursula von der Leyen are engaging in trade deal talks to resolve a prolonged transatlantic dispute. Trump had earlier indicated a 50% chance of reaching an agreement before the August 1 deadline,

European Commission President Ursula von der Leyen headed to Scotland on Saturday ahead of a meeting with U.S. President Donald Trump on Sunday afternoon, Commission spokespeople said, as officials from both sides said they were nearing a trade agreement.

European Commission President Ursula von der Leyen will meet with U.S. President Donald Trump in Scotland over the weekend, seeking to reach a framework trade agreement shortly before a 30% tariff on EU imports comes into effect.