Venezuela is the latest country at which Trump has taken aim. On Monday, he promised to raise a 25% tariff on goods from any country that buys oil and gas from the South American country that has some of the largest reserves in the world.

(Reuters) - The European Union's top trade negotiator Maroš Šefčovič expects U.S. President Donald Trump to hit the bloc with tariffs of about 20% next week, the Financial Times reported on Wednesday.

The measure, which is intended to bring car factories to the United States, could significantly raise prices for consumers.