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U.S. President Donald Trump hosted European Commission President Ursula von der Leyen at his Turnberry resort on Sunday for talks on a major transatlantic trade agreement. Trump criticized the current trade relationship as “very unfair to the United States” and warned that tariffs on European goods would begin if no deal is Aug. 1 reached. He said a successful agreement would be “the biggest deal ever struck,” referencing recent U.S. deals with Japan and China. Von der Leyen acknowledged a 50/50 chance of success and said the aim is to “rebalance” the trade deficit between the EU and U.S.

• A new trade agreement has been reached between the U.S. and EU with 15% tariffs