European Union offers to remove all tariffs on industrial goods after Trump demands reparations from Europe

President Donald Trump issued an economic threat to European nations as the U.S. trade war continued to roil global markets, and European officials responded by offering industrial concessions Monday.

The president told reporters Sunday that Europe needed to pay the U.S. for past grievances in order to alleviate the tariffs he imposed on them. The stock market has been in turmoil since Wednesday, when he announced across-the-board economic sanctions against various nations.

'Europe is always ready for a good deal. So we keep it on the table.'

European Commission President Ursula von der Leyen said Monday that Europe was willing to deal with Trump.

“We have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners," said von der Leyen. "Because Europe is always ready for a good deal. So we keep it on the table."

The EU is also planning on retaliatory tariffs in response to Trump's actions.

Trump told reporters on Air Force One that Europe needed to make additional concessions on top of decreasing its tariffs.

“We put a big tariff on Europe," said the president. "They are coming to the table; they want to talk, but there’s no talk unless they pay us a lot of money on a yearly basis — not just for the present but also for the past.”

Trump has said the goal of the tariffs is to increase revenue to the government by taxing foreign companies, but critics say the costs will be passed onto the U.S. consumer, increase inflation, and cost jobs. Commerce Secretary Howard Lutnick said Sunday that the tariffs are permanent while defending the policies to CBS News.

"You got to realize this is a national security issue. We don't make medicine in this country any more. We don't make ships. We don't have enough steel and aluminum to fight a battle," Lutnick said.

"We got to start to protect ourselves, and we got to stop having all the countries of the world ripping us off," he added.

Some members of Congress, both Republican and Democrat, have expressed support for legislation that would reassert congressional power over tariffs. The president lambasted the efforts and said such a bill would never pass the House and would also need overwhelming support to overcome a presidential veto.

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