- Leaders discuss rebalancing $1.7T trade relationship as Trump threatens 30% tariffs on EU goods by August 1

ISTANBUL / BRUSSELS

US President Donald Trump and European Commission President Ursula von der Leyen held closely watched trade talks on Sunday at Trump’s golf resort on Scotland’s western coast, with both leaders citing a "50-50" chance of reaching a transatlantic trade deal.

"I’d like to strike a deal," Trump told reporters at a press appearance. "We should give it a shot."

He reiterated concerns over what he called the "unfair" nature of current trade relations with the EU, particularly on US car and agricultural exports.

"Both sides want to see fairness," he said, calling it the main sticking point.

The meeting follows Trump’s threat to impose 30% tariffs on most EU imports if no agreement is reached by August 1.

He later suggested that if a deal is sealed, "that would be the end of it for a number of years." Trump confirmed pharmaceuticals would be excluded from any pact and ruled out tariffs below 15%.

During the same press briefing, Trump signaled optimism on a separate front, saying the US is "very close" to reaching a trade agreement with China.

'We will make it more sustainable'

Von der Leyen underscored the substantial economic ties between the two regions, noting a bilateral trade volume of $1.7 trillion and a combined market of 800 million people.

Acknowledging the challenges of the negotiations, she said: "Our staff has done some of the heavy lifting, but now it's on us, and you're known as a tough negotiator and deal maker... If we are successful, I think it would be the biggest deal each of us has ever struck."

She also stressed the importance of rebalancing trade relations, saying: "We have a surplus, the United States has a deficit, and we have to rebalance it... It's a huge volume of trade that we have together. So we will make it more sustainable."

"We have a 50 to 50% chance to strike a deal," she added.

In addition to trade, von der Leyen addressed migration issues, saying: "As Europeans are the ones who decide who comes to the European Union and under what circumstances, and not the smugglers and traffickers."