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European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as the two sides aim to conclude a trade deal ahead of an Aug. 1 deadline when 30% tariffs on the bloc’s exports are otherwise due to kick in.
After months of talks and shuttle diplomacy between Brussels and Washington DC, the two sides have been zeroing in on an agreement this past week that would see the EU face 15% tariffs on most of its trade. Limited exemptions are expected for aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported.
Steel and aluminum imports would likely benefit from a quota under the arrangements under discussion but above that threshold they would face a higher tariff of 50%.
“We’ll see if we make a deal,” Trump said as he arrived in Scotland on Friday. “Ursula will be here, highly respected woman. So we look forward to that.”
Trump reiterated that he believed there was “a 50-50 chance” of a deal with the EU, saying there were sticking points on “maybe 20 different things” that he did not want to detail publicly.
Today's show features:
- Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on Friday’s economic data and reaction to President Donald Trump’s visit to the Federal Reserve
- Kathryn Judge, Harvey J. Goldschmid Professor of Law at Columbia Law School on the Trump vs. Powell saga
- Christina Padgett, Associate Managing Director, Head of Leveraged Finance Research and Analytics with Moody’s, on the private credit market
- Francis deSouza, Chief Operating Officer at Google Cloud on the business unit’s next wave of growth and AI product strategy
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