Trump and EU's von der Leyen meet Sunday to finalize trade deal

European Commission President Ursula von der Leyen is due to meet US President Donald Trump on Sunday to finalise a trade deal, which will likely include a basic 15% tariff on most EU goods but will end months of uncertainty.

US and EU negotiators met for final talks on tariffs targeting crucial sectors such as cars, steel, aluminum and pharmaceuticals ahead of a meeting scheduled for Sunday afternoon at Trump's Turnberry golf course in western Scotland.

U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick traveled to Scotland on Saturday, and EU Trade Commissioner Maros Sefcovic arrived Sunday morning.

Lutnick told "Fox News Sunday" that the EU needs to open its markets to more U.S. exports to convince Trump to drop the threat of a 30 percent tariff that is set to take effect on August 1.

"The question is, do they give President Trump a good enough deal to get him out of the 30 percent tariffs he's put in place?" Lutnick said, adding that the EU clearly wants -- and needs -- to reach a deal.

Another US government official was optimistic about the possibility of a deal.

"We're cautiously optimistic there will be a deal," the official said, speaking on condition of anonymity. "But it's not over until it's over."

A deal with the EU would be a major achievement, as the US and the EU are by far each other's largest trading partners and account for a third of global trade.

If there is no deal and the US imposes 30% tariffs from August 1, the EU has prepared counter-tariffs on 93 billion euros ($109 billion) of US goods.

EU diplomats said a deal would likely include a broad 15% tariff on EU goods imported into the US, mirroring the US-Japan trade deal, along with a 50% tariff on European steel and aluminum, for which there could be export quotas.

EU officials expect a basic 15% tariff to also apply to cars, replacing the current 27.5% tariff.