Trump and von der Leyen meet in Scotland to try to resolve US tariffs standoff
Time is running out, with Trump threatening to impose sweeping tariffs on dozens of countries, including EU member states, unless a trade pact is agreed by 1 August.
The EU could face a flat 30 per cent levy if talks fail.
The European Commission, negotiating on behalf of the EU's 27 member states, has been working to salvage a trading relationship worth €1.6 trillion annually in goods and services.
European capitals have been closely involved in the process, and their diplomats are expected to quickly sign off on any agreement reached at the leadership level.
The meeting is set for 4:30 pm local time in Turnberry, on Scotland's southwest coast, where Trump owns a golf resort.
Trump waves to reporters while playing golf at his Turnberry golf course.
Alamy Stock Photo
Alamy Stock Photo
On arriving in the UK on Friday, the 79-year-old president said he hoped to strike 'the biggest deal of them all' with the EU.
He referred to von der Leyen as 'Ursula' and called her 'a highly respected woman', a notable shift from past criticism of the EU.
'I think we've got a good 50-50 chance,' said Trump, acknowledging that about 20 issues still need resolving.
The European Commission said on Thursday it believed a deal was within reach.
Tánaiste Simon Harris said this week he remains 'cautiously optimistic' a deal could be reached for a 'positive future EU-US trading relationship within the coming days'.
'It is now long past time to strike a deal,' Harris said.
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Tariff threats
Tariffs pose a serious challenge for export-oriented economies (like us in Ireland), which rely heavily on open access to international markets.
In recent decades, the dismantling of global trade barriers has helped lift millions out of poverty, particularly in developing nations.
However, the most damaging effect of the ongoing trade war may be the uncertainty it has created, freezing investment decisions both in Ireland and across Europe.
According to diplomats, the proposal includes a baseline 15 per cent tariff on EU exports to the US, matching the rate agreed with Japan.
Exceptions would be made for key sectors such as aviation, timber and spirits, excluding wine.
The EU would also commit to increasing imports of US liquefied natural gas and make other investment pledges.
A potential compromise on steel is also being discussed, allowing a set quota to enter tariff-free, with any excess taxed at 50 pe rcent.
Since Trump's return to office, the EU has been hit by successive waves of US tariffs, including 25 per cent on cars, 50 pe rcent on steel and aluminium, and a 10 per cent across-the-board rate, which could rise to 30 per cent without a deal.
The EU is eager to avoid further damage to its already fragile economy. If talks fail, the EU has prepared retaliatory tariffs on $109 billion worth of US goods, including aircraft and cars, to take effect from 7 August.
It is also drawing up measures targeting US services.
France and other member states have urged the Commission not to shy away from using a so-called trade 'bazooka' to restrict American access to European markets and public tenders, though such a move would mark a serious escalation.
Trump, who has promised to strike '90 deals in 90 days', has so far concluded five, including agreements with Britain, Japan and the Philippines.
A deal with the EU would boost his trade credentials ahead of the US election and distract from mounting controversy over the Jeffrey Epstein case, which continues to draw backlash from some of his own supporters.
Additional reporting from Andrew Walsh
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