President Trump warned Tuesday that if the European Union fails to deliver on its commitment to invest $600 billion in the US, he will ramp up tariffs against the 27-nation bloc.

Last month, Trump and European Commission President Ursula von der Leyen unveiled a preliminary trade deal, featuring a 15% tariff on most imports from the EU as well as commitments from Europe to invest $600 billion in the US and purchase $750 billion worth of American energy.

“Then they pay tariffs of 35%,” Trump told CNBC’s “Squawk Box” when asked what would happen if the EU doesn’t pony up.

“They brought down their tariffs, so they paid $600 billion and because of that, I reduced their tariffs from 30% down to 15%,” the president explained. “They gave me $600 billion and that’s a gift. … They gave us $600 billion that we can invest in anything we want.”

Prior to the deal with the EU, Trump had threatened to slap a 30% tariff against Brussels unless an agreement on duties was reached.

The deal he and van der Leyen announced appears to zero out rates on “a number of strategic products,” including semiconductor equipment and key chemicals.

Both the US and EU have provided sparse details about how the mechanics of the $600 billion investment commitment would work.

“The details are $600 billion to invest in anything I want. Anything. I can do anything I want with it,” Trump reiterated when pressed for more specifics.

“And the purpose was they’ve been ripping us [off] for so many years that it’s time that they pay up, and they have to pay up.”

The president claimed that other countries came to him and were complaining that the EU received a lower tariff rate, and he pointed to the $600 billion investment as the reason why. 

Last week, the White House unveiled its updated slate of “Liberation Day” tariffs against virtually every country on the planet, which are set to take effect at 12:01 a.m. Aug. 7. 

While the White House has insisted that most rates are now “set,” the Trump administration is negotiating with China over its tariff truce that is set to end on Aug. 12, while other countries are pursuing revised deals.

Switzerland, for example, announced plans to present Trump with a “more attractive offer” to stave off the pending 39% rate the president has planned. 

Trump is also threatening steep tariffs against India and secondary tariffs or sanctions against other countries that purchase Russian energy if the Kremlin fails to meet Trump’s Aug. 8 deadline to make peace with neighboring Ukraine. 

“I’m not worried about [oil] prices because we’re drilling at levels that nobody’s ever seen before,” Trump said when asked about whether the ultimatum against Russia could cause gas prices to spike.

“Within the next week or so, we’re going to be announcing tariffs,” Trump said, referring to duties on specific products after riffing about Switzerland’s pharmasceutical industry. “We’re going to be latching on semiconductors and chips…we’ll be putting [an] initially, small tariff on pharmaceuticals, but in one year, one and a half years maximum, it’s going to go to 150% and then it’s going to go to 250%.

“We want pharmaceuticals made in our country.”