U.S. President Donald Trump has announced a 30 percent tariff on goods from Mexico and the Euopean Union, citing trade deficits and national security.

A senior European lawmaker said on Saturday Brussels should react immediately with countermeasures against U.S. President Donald Trump's "outrageous" threat to hike tariffs on imports from the European Union.

Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.