European Commission President Ursula von der Leyen met U.S. President Donald Trump on Sunday to clinch a trade deal that would likely result in a 15% tariff on most EU goods, but end months of uncertainty for European Union companies.

The EU faces potential 30% tariffs as Commerce Secretary Howard Lutnick confirmed there will be no extensions beyond the Trump administration's Aug. 1 deadline.

FOX Business' Charles Payne joins 'Fox & Friends' to break down President Donald Trump's latest trade deals with Japan, Indonesia and the Philippines.

European Commission President Ursula von der Leyen is set to meet U.S. President Donald Trump on Sunday to clinch a trade deal for Europe that would likely see a 15% baseline tariff on most EU goods,

The agreements have been overshadowed by U.S. firms issuing warnings about how the tariffs will impact their bottom lines and prolong uncertainty in the U.S. economy.