BRUSSELS/EDINBURGH (Reuters) -EU Commission President Ursula von der Leyen headed to Scotland on Saturday ahead of a meeting with U.S. President Donald Trump on Sunday afternoon, commission spokespeople said,

Any agreement would likely include a 15 per cent baseline tariff on EU goods entering the US and a 50 per cent levy on European steel and aluminium, according to diplomats familiar with the talks.

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 Trump last week touted a $550 billion investment in the US that Japan made as part of trade negotiations "to lower their tariffs a little bit," as he described it. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance a Taiwanese chipmaker building plants in the US,

"In a non-deal scenario without another delay of US tariffs, I see the EU going for a tit-for-tat approach, ie imposing 30% tariffs on selected US goods, not yet all goods, like the well-known motorcycles, cars, clothing and alcohol," he said in emailed comments.

The European Central Bank is leaving interest rates unchanged as it waits to see the impact of U.S. President Donald Trump’s tariffs on the economy before deciding whether to cut rates again

European pharmaceutical stocks have swooned while the broader market has climbed higher. As a result, stocks in the sector are looking like a buying opportunity.