The European Union must open up its markets for U.S. exports in order to convince U.S. President Donald Trump to reduce a threatened 30% tariff rate due to kick in on August 1, U.S. Commerce Secretary Howard Lutnick said on Sunday,

US President Donald Trump and EU chief Ursula von der Leyen prepared to meet Sunday in Scotland in a push to resolve a months-long transatlantic trade standoff that is going down to the wire.Early Sunday,

The EU says its negotiators are working "might and main" on a deal, but the decision rests with US President Trump.

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.

President Donald Trump is in Scotland to meet with the head of the European Commission as the Aug. 1 deadline for countries to make a deal on trade nears.

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.

Nearly all of the açaí pulp sold in the U.S., as well as in Europe and Asia, where people have also developed a taste for the tangy fruit, comes from Brazil.

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

President Donald Trump on Friday said there is a “50-50 chance” the United States will reach a trade agreement with the European Union to reduce tariffs, even as EU diplomats have signalled greater optimism about striking a deal before the August 1 deadline.

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.