Saudi Arabia, Bahrain, the United Arab Emirates and Egypt have accused Qatar of having ties with fundamentalist Islamist groups. In June, they announced they had cut diplomatic and economic ties with Qatar.
Qatar denies the accusations while Kuwait has emerged as a key mediator in the crisis.
"I think there is a chance that there could be peace. But again, I say that a little bit reluctantly. We're going to give it our best," Trump told reporters at a joint White House news conference with Kuwait's Emir Sabah Al-Ahmed Al-Jaber Al-Sabah yesterday.
"We have tremendous talent working on that particular transaction. As you know, David Friedman, the ambassador, is very much involved. We have a great group of people. We'll see what happens," he said in response to a question.
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He said Israel and Palestinian are discussing to resolve the dispute along with the US.
"They say it is the world's most complex and difficult deal. You know that. But it is something that could happen. I believe that the relationships that we have with both can help. It's an event that's just never taken place," he added.
"I would be willing to be the mediator. I was telling the Emir before that if I can help between UAE and Saudi Arabia, where I have a very great relationship, I spoke with the King yesterday, King Salman, who is a friend of mine, and we spoke on unrelated subjects, but we had a long conversation," he said.
"If I can help mediate between Qatar and, in particular, the UAE and Saudi Arabia, I would be willing to do so. And I think you'd have a deal worked out very quickly," he added.
"What I want is I want to stop the funding of terrorism, and we're going to stop the funding of terrorism. And if they don't stop the funding of terrorism, I don't want them to come together. But I think they will," Trump said.
The Emir of Kuwait said the Gulf Countries have received a letter from Qatar stating that it is willing to sit down at the table and discuss all the demands, which the other parties have put down.