The European Commission plans to impose additional import tariffs on €100 billion worth of American goods if negotiations with Washington do not yield satisfactory results, Bloomberg reported on Tuesday.
Insiders informed Bloomberg that the Commission intends to present a proposal for additional countermeasures to member states as early as Wednesday.
A one-month consultation period will follow, after which the final list of targeted goods will be established.
Trade Commissioner Maroš Šefčovič did not specify amounts when participating in a debate in the European Parliament regarding the US tariff offensive. He confirmed, however, that the Commission is preparing additional countermeasures to restore balance if talks fail.
"All options remain clearly on the table," Šefčovič assured the European assembly, highlighting the EU’s strength as the world’s largest trading bloc.
"We do not feel weak. We do not feel under undue pressure to accept a deal, which would not be fair for us," Sefcovic said.
Šefčovič has been negotiating with the US since President Donald Trump announced a 90-day pause on implementing so-called reciprocal tariffs on 9 April. As a goodwill gesture, the Commission decided to suspend higher tariffs on €21 billion of American imports.
These tariffs were the EU’s response to the additional 25% US tariffs on steel, aluminium, and cars, which remain in place, along with 10% tariffs on nearly all other goods. If no agreement is reached with Washington, these could increase to 20% from 8 July.
According to Šefčovič, the Americans are currently targeting approximately €380 billion in goods, accounting for 70% of European exports to the US. This could rise to 97% if ongoing US investigations into sectors such as pharmaceuticals, semiconductors, and timber result in higher tariffs, he warned.
Šefčovič reiterated that the tariffs are "unjustified" and did not rule out bringing a case to the World Trade Organization.
Nonetheless, the Commission remains committed to a negotiated solution with Washington, having already proposed mutual zero tariffs on industrial products and offers to purchase more liquefied natural gas and soybeans from the US.
The Commission is also seizing the opportunity to expand trade relations worldwide. A deal with the Latin American trade bloc Mercosur is on the table, and discussions are ongoing with India and other Asian countries.
"I can tell you that our phones are ringing off the hook because everyone wants to speed up negotiations with us on free trade agreements," Šefčovič assured.
