The European Union (EU) plans to respond to President Trump by possibly imposing tariffs over $100 billion on U.S. goods if talks with Washington do not bring about an adequate outcome.
The European Commission, the EU’s executive arm, released a lengthy list on Thursday of items on which tariffs could be imposed, totalling around $107 billion. The list covers a broad range of agricultural and industrial products, including alcohol, cars and Boeing planes.
The commission is also debating potential restrictions on EU exports of steel scrap and chemical products to the U.S. worth nearly $5 billion.
The EU’s executive branch will debate the countermeasures with the 27 members of the bloc and other stakeholders through June 10. Terms and the list regarding the tariffs could change in the next several weeks.
“Tariffs are already having a negative impact on the global economies,” the commission’s president Ursula von der Leyen said in a statement on Thursday. “The EU remains fully committed to finding negotiated outcomes with the US.”
“We believe there are good deals to be made for the benefit of consumers and businesses on both sides of the Atlantic,” she added. “At the same time, we continue preparing for all possibilities, and the consultation launched today will help guide us in this necessary work”.
President Trump announced and later paused retaliatory tariffs, including ones impacting the EU. The administration’s tariffs on cars still remain in effect.
Talks between Washington and EU have yet to yield significant progress, but the administration announced on Thursday that it reached an agreement with the United Kingdom.
Trump said the agreement will include increased access to U.S. beef, ethanol and other farming products. But the specifics of the agreement are still unclear.
White House’s trade adviser Peter Navarro weighed in on the EU’s blueprint for retaliatory duties.
“Any country which retaliates against the United States, which is simply trying to get fairness, is making a grave mistake,” Navarro told reporters on Thursday, per pool report. “For them to publish stuff like that, I don’t think it’s in the interest or the spirit of negotiations that are going to be as affective as they otherwise would.”