Fresh off a phase one trade deal with China, U.S. President Donald Trump has his sights on a new deal with the European Union. The president wants to restructure the over $1 trillion U.S. trade relationship with the European Union. Reuters says that’s already raising the specter of another major trade war as the global economy is slowing. Trump has long complained that the EU position on trade “is worse than China’s.” Trump says, “Europe has been treating us very badly. Over the last 10 to 12 years, there’s been a tremendous deficit with Europe. That have incredible trade barriers, so we’re going to be starting with that.” Meantime, EU officials say they are willing to work with the U.S. president to address some of the challenges in the relationship. A German conservative lawmaker tells Reuters that Trump needs to remember the EU and the U.S. are “evenly matched” in the economic realm, and that they will defend themselves if the need arises. EU officials say, “We will respond to U.S. tariffs, and we know how to structure them to be effective.” Reuters says there may be a “mini-deal” like the Phase One agreement signed with China. However, that likely won’t solve the main issues that would allow both sides to declare a truce.