TMTPOST -- U.S. Preisdent Donald Trump is weighing potential of a massive trade deal with the European Union by his self-imposed August 1 deadline ahead of his meeting with head of the bloc.
Credit：China Central Television
Trump put the odds of reaching a trade deal with the EU at “50-50” before he started his four-day trip in Scotland. “I would say that we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU,” Trump told reporters Friday.
But Trump soon changed to a little bit more optimistic tone. He said U.S. and EU negotiators were working “closely” to strike a deal, and “I think EU has got a pretty good chance of making a deal.”
Trump during his trip in Scotland is set to meet with the European Commission president Ursula von der Leyen this weekend. The European Commission said the meeting would be at Trump’s invitation and von der Leyen said that came after a phone call with Trump.
"Following a good call with @POTUS, we have agreed to meet in Scotland on Sunday to discuss transatlantic trade relations, and how we can keep them strong," von der Leyen posted on X.
Trump, when arriving in Scotland later Friday, described von der Leyen as a “highly respected woman”, and said “we’ll see if we make a deal.” The president repeated a “50-50” chance of a U.S.-EU deal, and touted the pact as “the biggest deal of them all if we make it.” Though he noted there were sticking points that both sides have to do with on “maybe 20 different things”,without elaborating.
While The Guardian cited sources that the meeting between Trump and von derLeyen would not take place unless a deal was ready to be signed, Reuters on Friday reported EU officials said they expected to strike a framework trade deal this weekend. "We are close to an agreement and it is possible we will reach it during the weekend," the report quoted one senior EU official.
The EU and the U.S. earlier this week were reported to be nearing a trade deal that would impose 15% tariffs on European imports, mirroring a trade accord between the U.S. and Japan reached this week. The 15% minimum tariffs would include existing duties, which means the current 25% auto tariffs would be brought down to 15%, the Financial Times (FT) reported on Wednesday. It was said both the EU and U.S. would waive tariffs on some products, including aircraft, spirits and medical devices.
Brussels could agree to the 15% reciprocal tariffs to avoid such higher levies threatened by U.S. President Donald Trump, per the sources. Trump on July 13 released his letter to Ursula von der Leyen, dictating 30% tariffs on the EU exports starting August 1.
The EU and U.S. are progressing toward an agreement that would impose 15% tariffs on most products, Bloomberg cited diplomats following the FT report. EU officials are reportedly pushing to have the duties cover sectors including cars, while steel and aluminum imports above a certain quota would face a higher tariff of 50%.
The White House later Wednesday poured cold water on the reported possible deal with the EU. Discussion about any possible trade deals with the US should be considered “speculation,” unless they are announced by Trump, White House spokesman Kush Desai said.