U.S. President Donald Trump has promised to address a longstanding trade deficit with the European Union, saying he will reverse that by imposing tariffs or making the EU buy more U.S. oil and gas.

EU, German and Chinese leaders took turns defending global cooperation in Davos on Tuesday as the spectre of new trade wars looms following Donald Trump's return to the White House.

WASHINGTON: US President Donald Trump has said that Washington will impose tariffs on the European Union and that his administration was discussing a 10% punitive duty on Chinese

The return of U.S. President Donald Trump to the White House is a wake-up call for European Union countries to fix their economies and become more competitive, the EU's senior financial officials said on Monday as Trump was sworn in for a second term.

EU trade chief Maroš Šefčovič extended an olive branch to Washington on Wednesday, two days after the U.S. president was sworn in. He told POLITICO that Brussels was ready to talk with the new Washington administration — despite the repeated threats that Trump has made to hit the 27-nation bloc with tariffs.

President Donald Trump widened his tariff threats to include China and the European Union on his second day back in office after day one saw Canada and Mexico in his sights.

Donald Trump promised to impose tariffs and tax foreign countries like those in Europe, but he did not mention any related trade measures after his inauguration. Several EU leaders moved to offer their best wishes for Trump’s presidential win but carefully avoided mentioning his first policy announcements.