Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.

Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce to the EU warned in March that any conflict jeopardised $9.5 trillion of business in the world's most important commercial relationship.

European Commission President Ursula von der Leyen announced that she is to meet with US President Donald Trump during the weekend in Scotland in a post on Friday, amid fears about the looming tariff cliff.

After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump. European Commission President Ursula von der Leyen will travel to Scotland to meet the US president on Sunday,

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

European Union countries approved a proposal by the European Commission to potentially impose import tariffs on goods with a total trade volume of €93 billion ($109. 4 billion) if talks with the United States fail,

European Union countries have expressed broad support for one round of 30% retaliatory tariffs if the United States does not reach a trade deal with the EU.