President Donald Trump criticized the EU on Wednesday and pledged to impose 25% tariffs on the bloc's exports "very soon."

The EU, Trump said, "was formed in order to screw the United States. That's the purpose of it, and they've done a good job of it. But now I'm president."

"They've really taken advantage of us in a different way," Trump told reporters as he convened his first Cabinet meeting since assuming office in January. "They don't accept our cars. They don't accept, essentially, our farm products. They use all sorts of reasons why not, and we accept everything of them, and we have about a $300 billion deficit with the European Union. Now I love the countries of Europe. I guess I'm from there at some point, long time ago, but indirectly, well, pretty directly too, I guess."

Trump said the new import duties would be imposed on "cars, and all other things."

The comments come after Trump hosted French President Emmanuel Macron at the White House on Monday ahead of a visit by U.K. Prime Minister Keir Starmer on Thursday.

The EU is the U.S.' third-largest trading partner.

US exports to the EU’s 27 member states totaled $350.8 billion, while imports were at $553.3 billion in 2022, the latest year for which the US Trade Representative has data. That accounts for a roughly $200 billion trade deficit, but that does not account for the full picture, however, with the U.S. having a $70 billion edge in service trade.

There is also more foreign direct investment flowing into the US from Europe than vice versa, to the tune of $210 billion, according to the European Commission’s data.

The U.S. president signed an executive order Feb. 13 mandating "reciprocal tariffs" on foreign nations to match import duties. Those would be on top of tariffs he is implementing on nations across the globe.

Trump has singled out VAT (value-added tax) taxes imposed on U.S. exports, and consumption taxes imposed by the U.K. and EU, as specific targets for his global tariff effort.