According to Reuters, the agreement would likely include a 15% base tariff on all EU goods entering the US and a possible 50% tariff on European steel and aluminum, officials and diplomats said.

One of the sources told Reuters there was a"high chance" that European Commission President Ursula von der Leyen would meet Donald Trump in Scotland this weekend.

Another source pointed out that a deal over the weekend seems likely, as"the deal is practically in Trump's hands now."

The EU faces tariffs imposed by the US on over 70% of its exports – 50% on steel and aluminium, 25% on cars and car parts and a 10% duty on most other EU products.

This week, the EU prepared countermeasures to Trump's announced tariffs in case talks with the US fail to reach a common ground.