The US president told reporters the deal involved a baseline levy of 15% on EU exports to the US. The agreement came as the clock ticked down on an August 1 deadline for the EU to strike a deal with Washington, or face an across-the-board US levy of 30%.

"I think we have a good 50/50 chance. That's a lot," Trump said.

The US president is to meet the EU chief in Scotland as Brussels strives for a deal before Trump’s Friday deadline.