But as recently as Wednesday, Mr. Trump floated a higher range, between 15% and 50%. Mr. Trump, who in April said the U.S. had 200 trade deals with other nations, has since said there are too many countries for individual trade deals with all of them and the U.S. will have "simple" tariffs for "most" countries.

In Scotland, President Trump put the odds of a deal with the 27-nation European Union at just 50/50 and then an hour after meeting with the President of the European commission, the President announced this.

President Trump has announced a new trade deal with the European Union, marking the fifth such agreement during his administration. Join Scripps News Group Washington correspondent Stephanie Liebergen for the latest details on this significant development.

Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.