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.

Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.

Nearly every member of the European Union supports a plan to hit back against President Trump’s tariffs if no agreement is reached.