LONDON—President Trump and European Commission President Ursula von der Leyen are scheduled to meet Sunday during the U.S. president’s visit to Scotland, raising hopes that the U.S. and Europe are close to a trade deal that would avoid a trans-Atlantic trade war.

The deal imposes 15% tariffs on Japanese cars and other goods, one of the more favorable rates. While the start date and other basic elements are still unknown, Treasury Secretary Scott Bessent warned this week that the US would monitor implementation and bump the rate up to 25% if Trump isn’t satisfied.

Still, investors have been bracing for increased volatility heading into August 1, which the U.S. has set as a deadline for raising levies on a broad swath of trading partners.

The New York Yankees made their first big addition on Friday afternoon. Now, they can turn all their attention toward adding a talented starting pitcher.

Nearly every member of the European Union supports a plan to hit back against President Trump’s tariffs if no agreement is reached.

The Canadian dollar weakened against its U.S. counterpart on Friday as optimism waned that Canada would reach a trade deal with the United States before an August 1 deadline and ahead of a Bank of Canada interest rate decision.

TOKYO/SEOUL (Reuters) -Shares of Japanese, South Korean and European automakers surged on Wednesday after U.S. President Donald Trump agreed to a trade deal with Tokyo that included reducing tariffs on Japanese auto imports to 15%, a move that stoked optimism about a similar agreement for Seoul and Brussels.