Washington: US President Donald Trump said Friday there is a 50-50 chance of reaching a trade agreement with the European Union before the August 1 deadline. "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," Trump told reporters before departing the White House for a trip to Scotland. According to Qatar News Agency, EU diplomats believe Brussels and Washington are edging closer to a deal, potentially based on a baseline 15% US tariff on EU goods, with possible exemptions for key sectors. However, the White House cautioned that any discussion of an agreement remains speculative. On Thursday, EU member states approved a retaliatory tariff package targeting $109 billion (93 billion euros) worth of US goods, set to take effect on August 7 if negotiations fail. European Commission President Ursula von der Leyen confirmed that she will meet President Trump in Scotland this weekend to address the escalating tariff dispute. The US and EU have been e ngaged in intense negotiations in recent weeks as the deadline approaches for Trump's proposed 30% tariff on all imports from the 27-member bloc, which totaled $605 billion last year.