President Trump and European Union Fee President Ursula von der Leyen each put the chances of reaching a commerce deal at 50% forward of their negotiations Sunday, however remained hopeful an settlement may very well be finalized.
“I think the President is right, we have a 50 to 50% chance to strike a deal. And indeed it is about rebalancing,” she instructed reporters within the DJT Ballroom at Trump Turnberry off the west coast of Scotland.
Trump has given the EU an Aug. 1 deadline to ink a brand new commerce cope with him or else face 30% tariffs. The EU is a block of 27 commerce international locations, which, taken collectively, traded about $1.68 trillion price of products with the US final yr.
“This is the biggest deal. People don’t realize this is bigger than any other deal,” Trump pressured forward of his talks with the EU president.
The president additionally famous that whereas a cope with the EU will tackle most excellent trade-related points, “pharmaceuticals won’t be part of it, because we have to have them made in the United States.”
Trump teased that he would know after about an hour whether or not or not a cope with the EU is feasible earlier than the Aug. 1 deadline and revealed that there are about 3 to 4 sticking factors, however didn’t element specifics of what these points are.
He additionally aired his common grievances with European commerce practices, significantly with cars and agriculture, although it wasn’t clear if these had been among the many sticking factors.
“We don’t sell cars into Europe. We don’t sell, essentially, agriculture of any great degree. They want to have their farmers do it, and they want to have their car companies do it,” he mentioned.
“I’m not saying anything that nobody knows. We have a rough situation. If we want to sell cars in Europe, we’re not allowed to. And as you know, they sell millions and millions of cars [into the US],” he added. “What we want to do is make everybody happy.”
Von der Leyen, who flew to Scotland throughout Trump’s four-day journey to the UK to satisfy with the American president, buttered him up “as a tough negotiator and dealmaker.”
“And fair,” Trump interjected.
Trump emphasised throughout his gaggle with reporters that he has no intention of delaying the Aug. 1 deadline earlier than his personalized “Liberation Day” tariffs take impact. The president beforehand moved that deadline twice.
Rumors have swirled that Trump is eyeing a 15% baseline tariff on the EU, which might successfully minimize his “Liberation Day” proposal in half.
Many Europeans have hoped he would drop that to the ten% baseline he has imposed on just about all US imports — which can also be the identical fee he gave the UK in the course of the tariff deal introduced in Might.
“Better meaning lower?” Trump replied when a reporter requested him if he may do higher than 15%. “No.”
To this point, Trump has minimize tariff offers with the UK, Vietnam, Japan, Indonesia and the Philippines. The president teased that his crew not too long ago locked down one other deal, however didn’t specify which nation.
He additionally has a wide range of tariffs in place now, similar to a 25% fee on cars, aluminum, and metal, in addition to 25% on imports from Canada and Mexico that don’t adjust to the United States-Mexico-Canada Settlement. He’s additionally not too long ago mused about jacking up tariffs on Canada and Mexico.
Trump has additionally reached a tariff truce with China and given Beijing an Aug. 12 deadline to chop a broader deal.
Earlier this month, he gave Moscow an ultimatum to chop a peace cope with neighboring Ukraine inside 50 days or else face 100% secondary tariffs on Russian power — that means levies imposed on international locations that import from Russia.
