U.S.-EU trade deal still up in the air as Trump jets off to Scotland

Breaking down Trump’s latest trade deals

Breaking down Trump’s trade deals with Japan, Philippines and Indonesia

06:28

President Trump said on Friday there is a “50/50 chance, maybe less than that” of his administration striking a trade deal with the European Union ahead of a looming deadline next week. 

Mr. Trump, who made the comments before he left for a four-day visit to Scotland, comes ahead of the White House’s Aug. 1 deadline for striking trade agreements with the the EU and other nations. If the US and EU fail to reach a deal, the president has threatened to impose a 30% tariff on imports from the trading bloc’s 27 member countries. 

Dozens of other nations also face higher tariff rates starting Aug. 1, except for those that have already done a deal before the deadline.

The U.S. has recently announced the outlines of trade deals with Japan, China, Indonesia, the Philippines and U.K., though with many details still remaining to be finalized.

This is breaking news and will be updated.

The Associated Press

contributed to this report.

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Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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