The European Union is facing a higher 15% tariff rate on its goods imported to the U.S. compared to the 10% levy the U.K. has agreed to. "In theory, the UK benefits," Philip Shaw, chief economist at Investec, told CNBC.

President Trump has threatened to impose a 30% tariff on imports from the European Union's 27 member countries if no trade deal is reached by Aug. 1.

President Trump will meet Sunday in Scotland with the head of the European Commission, Ursula von der Leyen, for the two sides to discuss trade. “Following a good call with @POTUS, we have