President Donald Trump has promised to investigate the European Union over fines that it has handed out to American firms including Apple, Meta, Google, and Amazon.

In a post on Truth Social, a social media site owned by the President, Trump said that the US is not a “piggybank” for Europe and the EU will pay a “very big price for this illegal and highly unethical conduct”.

The comments come after the European Commission issued a fine of €890 million to Google last week over failure to comply with the Digital Markets Act (DMA) by allegedly favouring its own services over those of competitors.

Trump said that the fines will be “entirely reversed” and added that he is considering imposing a substantial tariff on the EU at the “earliest possible moment”.

“Please let this TRUTH serve to represent that we will immediately initiate a 301 Investigation into the practice of ‘ROBBING’ American Companies and, in turn, the American Taxpayer,” Trump wrote. “The European Union will pay a very big price for this illegal and highly unethical conduct, which I have consistently warned them about.”

Earlier this month Trump Media & Technology Group (TMTG), which owns Truth Social, announced it will charge for real-time access to posts from what it calls the most influential accounts, including those that can move financial markets.

The new licensed data service, called Truth API, will be available to institutional customers from 1 August. TMTG said it has already signed customers and is onboarding additional partners ahead of the launch.

The API delivers posts within milliseconds using machine-readable data feeds and is aimed at organisations that rely on low-latency information, including banks, high-frequency trading firms, and algorithmic investors. The service also includes a historical archive of Truth Social posts dating back to 2022.

---