US President Donald Trump issued sharp warnings to the European Union, announcing that his administration would immediately launch an investigation under Section 301 of US trade law, in what he described as a systematic practice of 'looting' major American companies through hefty financial fines.

The presidential statement came after the European Union imposed a new $1 billion fine on Google, bringing the total fines levied against it to over $18 billion. Trump noted that the EU also imposed a $15 billion fine on Apple, $3 billion on Meta, $2.5 billion on Amazon, as well as on other US companies.

Trump said in his statement: 'The United States of America is not Europe's treasury, and we will not allow that,' asserting that these practices began escalating during the administration of former President Joe Biden, but they will not continue under his current administration.

The US president announced that the penalties imposed on American companies would be completely revoked, vowing to impose high tariffs on the European Union as soon as possible if what he described as 'illegal and unethical behavior' continues.