President Trump said Thursday that the European Union would suffer "pretty severe" consequences if it didn't come to an agreement with the U.S. in their trade talks.

The U.S. and the EU are planning on negotiations later this year, but have hit an impasse over terms regarding agricultural products, among other issues.

"They've been very, very tough over the years," Trump said at a White House event with Irish Prime Minister Leo Varadkar. "They were unwilling to negotiate with the Obama administration ... But they are willing to talk to us and if they don't talk to us, then we are going to do something that is going to be pretty severe economically. We're going to tariff a lot of their products coming in."

The White House is demanding that the EU put its agricultural policies up for negotiation, but EU officials have ruled that out. U.S. Trade Representative Robert Lighthizer said Tuesday that both sides were at a "complete stalemate" over the matter.

The White House is currently mulling placing 25 percent tariffs on autos and auto parts, a policy that would hit the EU hard. Trump has said the tariffs are contingent on whether a fair deal can be struck with the EU.