The European Union said it’s closing in on a framework trade agreement with the US after the head of the bloc’s executive arm, Ursula von der Leyen, held a call with President Donald Trump on Sunday.

The EU is aiming for a July 9 deal, which would include a 10 percent baseline tariff. Trump has threatened to impose 50 percent tariffs if no deal is reached.

The European Union still aims to reach a trade deal with the United States by July 9 after Commission President Ursula von der Leyen and U.S. President Donald Trump had a "good exchange", a Commission spokesperson said on Monday.