President Trump's administration is still in negotiation with the European Union regarding a trade deal. Trump has warned that if an agreement isn't reached by August 1st, the U.S. will impose a 30% tariff on imports from the EU's 27 member countries. The potential tariff could significantly impact trade relations between the U.S. and the EU, affecting a wide range of industries. The President is currently in Scotland, but trade talks continue remotely.