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.

By Philip Blenkinsop and Trevor Hunnicutt BRUSSELS/WASHINGTON (Reuters) -The European Union and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions,

President Donald Trump’s tariffs cost German auto giant Volkswagen about $1.5 billion over the first half of 2025, the company said on Friday. Sales in North America plunged 16% due primarily to U.S. tariffs, said Volkswagen, which owns a host of brands including Audi, Lamborghini and Porsche.

After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump.

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

Trump's proposed 30% tariffs on EU imports could significantly increase olive oil costs for American consumers who rely heavily on Mediterranean suppliers.

German auto giant Volkswagen is feeling the effects of President Trump's tariff policy. An EU-US trade deal can't come soon enough for the Wolfsburg-based automaker.