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.

T rump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

The U.S. has a fifty-fifty chance of striking a deal with the European Union that will result in lower tariff rates on imports, President Donald Trump told reporters Friday.