Donald Trump threatens Europe with tariffs

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Donald Trump has said he will impose tariffs on the European Union if the bloc does not make up its "tremendous" trade deficit with the United States.

"I told the European Union that they must make up their tremendous deficit with the United States by the large-scale purchase of our oil and gas," he wrote on Truth Social. "Otherwise, it is TARIFFS all the way!!!"

In 2022, U.S. goods exports to the European Union totaled an estimated $350.8 billion, up 28.8 percent ($78.5 billion) from the year before, according to the U.S. government.

U.S. goods imports from the European Union amounted to $553.3 billion in the same year, up 12.8 percent ($62.7 billion) from 2021. The U.S. goods trade deficit with the E.U. was $202.5 billion in 2022, a 7.3 percent decrease ($15.8 billion) from 2021.

Trump has repeatedly threatened to impose substantial tariffs on countries such as China, Canada and Mexico in recent months.

This is a breaking story. More to follow.