President Donald Trump is meeting Sunday with European Commission chief Ursula von der Leyen, taking a break from golfing in Scotland to discuss trade as both sides seek an agreement on tariff rates with the White House's deadline to impose stiff import taxes looming this week.

The European Union could hit the United States with counter-tariffs on 93 billion euros ($109 billion) worth of U.S. goods if the two sides fail to reach a trade deal by Washington's August 1 deadline for imposing import levies.

Trade agreement between EU and US hinges on Trump, with tariffs and exemptions at stake, as negotiations continue.

Still, investors have been bracing for increased volatility heading into August 1, which the U.S. has set as a deadline for raising levies on a broad swath of trading partners.

The European Union and the US are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations.

Bowls and smoothies made of the Amazon berry açaí have become ubiquitous in many cities across the United States, but consumers may think twice about shelling out after August 1 when a 50% tariff on imports from Brazil kicks in.

Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce to the EU warned in March that any conflict jeopardised $9.5 trillion of business in the world's most important commercial relationship.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

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.