Trump says there is a 50-50 chance of trade deal with EU
WASHINGTON - U.S. President Donald Trump on Friday said there was a 50-50 chance or perhaps less that the United States would reach a trade agreement with the European Union, saying Brussels wanted to "make a deal very badly".
"We're working very diligently with Europe, the EU," Trump told reporters as he left the White House to head to Scotland for several days of golfing and bilateral meetings.
"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."
Asked a second time about the prospects for an agreement, he said: "That's the big one right now ... I think the EU has a pretty good chance of making a deal right now."
The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.S. goods in case the talks collapse.
The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert the 30% import tariffs that Trump has said the U.S. will apply on August 1.
To get a deal, Trump said the EU would have to "buy down" that tariff rate, although he gave no specifics.
Top stories
Swipe. Select. Stay informed.
Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability
Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA
Singapore S'pore could have nuclear energy 'within a few years', if it decides on it: UN nuclear watchdog chief
Asia Live: Thailand-Cambodia border clashes continue for second day
Life 'Do you kill children?': Even before independence, S'pore has always loved its over-the-top campaigns
Singapore Lung damage, poor brain development, addiction: What vaping does to the body
Singapore Fine for couple whose catering companies owed $432,000 in salaries to 103 employees
Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly
EU diplomats say Washington and Brussels appear to be heading towards a possible deal that would result in a broad 15% tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan.
But the White House said discussions of a deal should be considered "speculation". Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with "a grain of salt".
There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
2 minutes ago
- Straits Times
Trump and Starmer to meet in Scotland with trade and Gaza on agenda
Find out what's new on ST website and app. Mr Starmer (right) had hoped to negotiate a drop in US steel and aluminium tariffs as part of the talks. EDINBURGH/TURNBERRY, Scotland - US President Donald Trump will host British Prime Minister Keir Starmer at his golf resort in western Scotland on July 28 for talks ranging from their recent bilateral trade deal to the worsening hunger crisis in Gaza, the two governments said. Mr Trump, riding high after announcing a huge trade agreement with the European Union late on July 27, said he expected Mr Starmer would also be pleased. 'The prime minister of the UK, while he's not involved in this, will be very happy because you know, there's a certain unity that's been brought there, too,' Mr Trump said. 'He's going to be very happy to see what we did.' UK wants to discuss steel tariffs Mr Starmer had hoped to negotiate a drop in US steel and aluminium tariffs as part of the talks, but Mr Trump on July 28 ruled out any changes in the 50 per cent steel and aluminium duties for the EU, and has said the trade deal with Britain is 'concluded'. British business and trade minister Jonathan Reynolds told the BBC the talks with Mr Trump offered Britain a good chance to advance its arguments, but he did not expect announcements on the issue on July 28. Mr Trump and Mr Starmer were expected to meet at noon local time at Mr Trump's luxury golf resort in Turnberry, on Scotland's west coast, before travelling on together later to a second sprawling estate owned by Mr Trump in the east, near Aberdeen. Hundreds of police officers were guarding the perimeter of the Turnberry course and the beach that flanks it, with a helicopter hovering overhead, although there was no sign of protesters outside the course. Top stories Swipe. Select. Stay informed. Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Asia Gunman kills 5 security guards near Bangkok's Chatuchak market before taking own life Singapore HPB looking for vaping, smoking counselling services for up to 175 secondary school students Asia Cambodia says immediate ceasefire is purpose of talks; Thailand questions its sincerity Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose Singapore Police statements by doctor in fake vaccine case involving Iris Koh allowed in court: Judge Singapore Woman allegedly linked to case involving pre-schooler's sexual assault given stern warning Singapore Singapore lion dance troupe retains title at Genting World championship Mr Starmer was arriving from Switzerland, where England on July 27 won the women's European soccer championship final. Casting a shadow over their visit has been the deepening crisis in the war-torn Gaza enclave, where images of starving Palestinians have alarmed the world. British cabinet recalled Mr Starmer has recalled his ministers from their summer recess for a cabinet meeting, a government source said on July 28, most likely to discuss the situation in Gaza as pressure grows at home and abroad to recognise a Palestinian state. On July 25, he said Britain would recognise a Palestinian state only as part of a negotiated peace deal, disappointing many in his Labour Party who want him to follow France in taking swifter action. Mr Trump on July 25 dismissed French President Emmanuel Macron's plan to recognise a Palestinian state , an intention that also drew strong condemnation from Israel, after similar moves from Spain, Norway and Ireland in 2024. Mr Trump said that while the US would increase its aid to Gaza, it wanted others to join the effort. Ukraine was also on the agenda for talks with Mr Starmer. Dozens of Gazans have died of malnutrition in recent weeks , according to the Health Ministry in the Hamas-run enclave, with aid groups warning of mass hunger. The war began on Oct 7, 2023, when Hamas-led fighters stormed southern Israel, killing 1,200 people, mostly civilians, and taking 251 hostages back to Gaza, according to Israeli tallies. Since then, Israel's offensive has killed nearly 60,000 people in Gaza, mostly civilians, according to Gaza health officials. It has reduced much of the enclave to ruins and displaced nearly the entire population of over 2 million. REUTERS
CNA
32 minutes ago
- CNA
Dollar strengthens after US and EU agree to tariff deal
TOKYO/LONDON :The dollar rose against major peers on Monday after the United States and the EU struck a framework trade pact, the latest in a flurry of deals to avert a global trade war, with investors also looking to this week's U.S. and Japanese central bank meetings. Meeting in Scotland on Sunday, U.S. President Donald Trump and European Commission President Ursula von der Leyen said the deal provided for an import tariff of 15 per cent on EU goods, half the rate Trump had threatened from August 1. That follows last week's U.S. agreement with Japan, while top U.S. and Chinese economic officials will resume talks in Stockholm on Monday aiming to extend a truce by three months and keep sharply higher tariffs at bay. The euro was last at $1.1693, down 0.4 per cent on the day, reversing an initial knee-jerk rise in Asia trade as investors' focus shifted to what an easing in global trade tensions meant for the dollar overall. "The mood music on U.S. trade negotiations has been a little brighter following agreements with Japan and the EU," said Paul Mackel, global head of FX research at HSBC. "If more 'trade deals' are reached, this could help to reduce this source of policy uncertainty that has weighed against the dollar, at least for now. It could also see other factors such as relative yields becoming more influential." The dollar tumbled sharply earlier this year, particularly against the euro, as fears dramatically higher tariffs on trade with most of its major partners would hurt the U.S. economy caused investors to consider shifting out of U.S. assets. Normally the gap between yields on government bonds is a major factor for currency moves, but at present the euro is meaningfully higher than the gap between U.S. and euro zone yields would imply. The euro was also last down slightly on the yen and sterling, having hit a one-year high on the Japanese currency, and a two-year high on sterling at the start of trade. The dollar was stronger elsewhere, up 0.15 per cent on the yen at 147.83, while the pound was down 0.13 per cent at $1.3428. As concerns subside about the economic fallout from punishing tariffs, investor attention is shifting to corporate earnings and central bank meetings in the United States and Japan in the next few days. Both the Fed and the Bank of Japan are expected to hold rates steady at policy meetings this week, but traders will watch subsequent comments to gauge the timing of the next moves. Investors will also be watching to see Trump's reaction to the Fed's decision. The U.S. President has been putting the Fed under heavy pressure to make significant rate cuts, and Trump appeared close to trying to fire Powell last week, but backed off with a nod to the market disruption that would likely follow. In cryptocurrencies, ethereum jumped 1.7 per cent and reached as high as $3,940.25, the most since December 2024.
Business Times
an hour ago
- Business Times
Thailand and Cambodia begin truce talks as fighting drags on
[KUALA LUMPUR] Thailand and Cambodia's leaders opened peace talks Monday (Jul 28) in Malaysia, seeking a ceasefire after five days of combat along their jungle-clad frontier that has killed at least 35 people. More than 200,000 people have fled as the two sides fired artillery, rockets and guns in a battle over the long-disputed area, which is home to a smattering of ancient temples. The flare-up is the deadliest since violence raged from 2008-2011 over the territory, which is claimed by both sides because of a vague demarcation made by Cambodia's French colonial administrators in 1907. Hours ahead of the talks, an AFP journalist in the Cambodian city of Samraong – 17 kilometres from the fraught frontier – reported hearing a steady drumbeat of up to 10 blasts a minute. US President Donald Trump – who both nations are courting for trade deals to avert the threat of eye-watering tariffs – intervened over the weekend, and said both sides had agreed to 'quickly work out' a truce. Thai acting Prime Minister Phumtham Wechayachai and Cambodia's Prime Minister Hun Manet began their talks in the administrative capital Putrajaya around 3.15pm. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up They met at the residence of Malaysian leader Anwar Ibrahim, serving chair of the Asean bloc of which Thailand and Cambodia are both members, who earlier told media he would focus on an 'immediate ceasefire'. Washington's top diplomat Marco Rubio said State Department officials were on the ground in Malaysia to assist the 'peace efforts' while Cambodia said a delegation from its close ally China would also attend. But ahead of the summit, Thailand and Cambodia traded fresh fire and barbed accusations. Cambodia's defence ministry spokeswoman Maly Socheata said it was 'the fifth day that Thailand has invaded Cambodia's territory with heavy weapons and with the deployment of a lot of troops'. As he departed Bangkok airport, Phumtham told reporters he did not believe Cambodia was 'acting in good faith' and called on the country 'to demonstrate genuine intent' in the meeting. In Thailand's Surin city – 30 kilometres from the border and a hub of evacuees fleeing the fighting – 58-year-old Lamduan Chuenjit shared her leader's scepticism. 'I hope the negotiation goes well today and ends with a ceasefire,' the cleaner told AFP while sweeping a shopfront. 'But I do wonder how trustworthy Cambodia is.' On the eve of the talks, Thailand's military said Cambodian snipers were camped in one of the contested temples, and accused Phnom Penh of surging troops along the border and hammering Thai territory with rockets. It said there was fighting at seven areas in the rural region, marked by a ridge of hills surrounded by wild jungle and fields where locals farm rubber and rice. 'The situation remains highly tense, and it is anticipated that Cambodia may be preparing for a major military operation prior to entering negotiations,' the Thai military statement read. Thai King Maha Vajiralongkorn marked his 73rd birthday on Monday, but a notice in the country's Royal Gazette said his public celebrations scheduled for Bangkok's Grand Palace have been cancelled amid the strife. Trump has threatened both countries with high levies in his global tariff blitz unless they agree to independent trade deals – but said he would 'look forward' to signing them once 'peace is at hand'. Each side has already agreed to a truce in principle, while accusing the other of undermining peace efforts and trading allegations about the use of cluster bombs and targeting of hospitals. Thailand says eight of its soldiers and 14 civilians have been killed, while Cambodia has confirmed eight civilian and five military deaths. The Thai military said it had returned the bodies of 12 Cambodian soldiers killed in combat. More than 138,000 people have fled Thailand's border regions, while around 80,000 have been driven from their homes in Cambodia. With the skirmish inflaming nationalist sentiments, Thailand warned its citizens to 'refrain from any kind of violence, whether in speech or action' against Cambodian migrants living in the country. AFP
