The European Commission today presented plans to impose additional tariffs on US imports worth around 95 billion euros if negotiations with Washington fail to resolve the trade conflict, world agencies quoted by bTA reported.
The goods that will be covered by the retaliatory measures include industrial and agricultural products.
The European Commission is also consulting EU member states on "possible restrictions on part of European exports of steel scrap and chemical products to the US worth 4.4 billion euros. euro", notes DPA.
"The EU remains fully committed to finding a negotiated solution with the US", said EC President Ursula von der Leyen.
"We believe that good deals can be reached for the benefit of consumers on both sides of the Atlantic. At the same time, we continue to prepare for all possible developments," she added.
In April, US President Donald Trump postponed the entry into force of tariffs on imports from most of Washington's trading partners, including the EU, by 90 days, which prompted the bloc to also suspend planned counter-tariffs to allow for further negotiations.
The Commission also announced that it would launch a case against the US at the World Trade Organization (WTO) over Trump's tariffs.
Earlier this week, EU Trade Commissioner Maroš Šefčovič warned that the United States could impose new tariffs on European exports, covering up to 97% of goods exported.
In addition to the ongoing timber investigation, the US administration has recently launched six more investigations to determine the impact of the imports on national security, Šefčovič said. Other sectors affected include pharmaceuticals, semiconductors, critical minerals, trucks and their parts, he said.
If all these investigations lead to the imposition of additional duties, it would mean that 97 percent of EU exports to the US would be subject to import duties, covering trade worth 549 billion euros, the European Commissioner said.