Trump threatens 25% tariffs on EU, says bloc was formed to 'screw' U.S.

U.S. President Donald Trump has threatened to impose a 25 percent tariff on imports from the European Union, accusing the bloc of being created to cheat the U.S.

Addressing the White House press corps, Trump claimed an announcement would be made "very soon," adding that the tariffs will be centered on cars and other goods.

The European Commission, for its part, has rejected Trump's accusation, adding that creation of the regional bloc had in fact facilitated business ventures in Europe for American companies.

The Commission also vowed to respond "firmly and immediately against unjustified tariffs."

The EU currently has in place a 10 percent tariff on American vehicle imports which is four times higher than the U.S. tariff on European passenger car imports.

The U.S., nonetheless, already has a 25 percent tariff on imported pickup trucks.