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 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.

Mexico and the European Union are announcing a revamped agreement that they said would boost trade and investment, amid Trump's tariff threats.

The European Union and Mexico took action before President-elect Donald Trump—who has threatened both regions with steep tariffs on exports—takes office.

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.

Donald Trump promised to impose tariffs and tax foreign countries like those in Europe, but he did not mention any related trade measures after his inauguration. Several EU leaders moved to offer their best wishes for Trump’s presidential win but carefully avoided mentioning his first policy announcements.