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 Trump administration is discussing a 10% punitive duty on Chinese imports. Trump said the EU also has troubling trade surpluses with the United States.

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.