“The European Union is very, very bad to us, they treat us very badly. They don’t take our cars, they don’t take our cars at all, they don’t take our farm products,” Trump said this week. “They are going to be in for tariffs… It’s the only way you’re going to get fairness,” he said.

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.

The European Commission has rejected US President Donald Trump's claims that the United States runs a trade deficit of $350 billion with the European Union. A commission spokesman said the $350-billion deficit does not exist and that the US and the EU have complementary strengths.