President Donald Trump put the odds of striking a trade deal with Europe to reduce the tariff rate on their imports at 50-50, even as diplomats from the trading bloc have expressed optimism in recent days that an agreement could be near.

The U.S. has a fifty-fifty chance of striking a deal with the European Union that will result in lower tariff rates on imports, President Donald Trump told reporters Friday.

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.