US President Donald Trump has said Iran possesses a missile capable of reaching Europe, while describing a recent ceasefire with Tehran as a waste of time.

Axar.az reports that Trump made the remarks while speaking at a rally for Senator Cindy Hyde-Smith at the Crossroads Arena in Corinth, Mississippi, ahead of the November 3 midterm elections.

"We did a little ceasefire which I never liked very much. I considered it sort of a waste of time but you know you like to listen to professionals. But we did a little ceasefire so we let some ships get in," he said.

"They (Iran ed.) make great weapons. They're very smart people. They'd wipe out the Middle East. They'd wipe out Europe. They now have a missile. You know, they had a missile that essentially reached Europe," Trump added.