President Donald Trump is set to meet with European Commission chief Ursula von der Leyen in Scotland to discuss trade. Both sides are seeking an agreement on tariff rates.

The 15% tariff would be lower than previously threatened but remains a high duty on America’s largest trading partner.

President Trump and President of the European Commission Ursula von der Leyen announced a trade deal on Sunday, setting tariffs at 15 percent for European goods, including automobiles. The

President Trump announced a trade framework with the European Union on Sunday, ahead of a Friday deadline of tariffs of 30 percent.

European Union countries approved a package of retaliatory tariffs on U.S. goods that could start in August if no trade agreement is reached. The list covers more than $100 billion worth of annual U.S.

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

Europe's smaller companies are emerging as a popular vehicle for investors to help insulate portfolios against both tariffs and a stronger euro, as cheaper credit and the prospect of more government spending bolster confidence in the economic outlook.

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.