“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.

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.