U.S. President Donald Trump said during a meeting with his cabinet on Wednesday (February 26) that his administration would be announcing tariffs on the European Union "very soon."

"The European Union was formed in order to screw the United States," Trump said, adding that the tariffs would apply to various items, including cars, and would be set at 25%.

The European Commission responded on Wednesday, stating it would react "immediately against unjustified barriers to free and fair trade." A commission spokesperson emphasized that the reaction would be firm, "including when tariffs are used to challenge legal and non-discriminatory policies."

French government spokeswoman Sophie Primas countered Trump's comments, saying, "The European Union was not created to bother the United States." - report from Reuters