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.

BRUSSELS, Jan 23 (Bernama-dpa) -- The European Commission has rejected US President Donald Trump's claims that the United States runs a trade deficit of US$350 billion with the European Union, reported German news agency dpa.

EU trade chief Maroš Šefčovič extended an olive branch to Washington on Wednesday, two days after the U.S. president was sworn in. He told POLITICO that Brussels was ready to talk with the new Washington administration — despite the repeated threats that Trump has made to hit the 27-nation bloc with tariffs.

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.