The European Union and the United States could reach a preliminary framework agreement on trade this weekend, ending months of uncertainty for Europe's industry, according to European officials and diplomats.

The agreement is expected to include a basic tariff of 15% on all European products imported into the US, and a possible 50% tariff on European steel and aluminum, the same sources said.

On Friday afternoon, the President of the European Commission, Ursula von der Leyen , said that she would meet with Donald Trump on Sunday in Scotland to discuss trade relations between the European Union and the United States.

Trump: 50-50 chances

US President Donald Trump said on Friday that there was a 50-50 chance or less of reaching a deal with the EU, noting that Brussels very much wants to make a deal.

We are working intensively with Europe, the E.U., he told reporters as he left the White House for Scotland. When asked again, he commented: That is the big thing right now. I think the E.U. has a good chance of making a deal now.

On Thursday, the European Commission said a negotiated solution was close, even as EU member states approved countermeasures worth €93 billion on US products in the event of a breakdown in talks.

Brussels' priority is to prevent the 30% tariffs that Trump has threatened to impose on imports from August 1. EU diplomats believe that Washington and Brussels are moving towards a framework agreement, similar to that reached with Japan, with a general tariff of 15% on imports of European products into the US.

However, the White House has dismissed the talks about a deal as speculation. Trump's trade adviser, Peter Navarro, told Bloomberg that reports from the EU should be taken with a grain of salt. Details on what the EU might offer to seal the deal have not been released.