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.

Donald Trump called the EU's regulation on U.S. tech companies, like Meta, Google and Apple, to be "a form of taxation."

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.