The European Union has drawn up a €100 billion (£86.6 billion) package of retaliatory tariffs against the United States, should trade talks collapse and Washington move ahead with a 30% levy on EU goods.
According to Bloomberg, the EU’s plan would combine an already approved €21 billion in tariffs with an additional €72 billion in proposed measures targeting a wide range of American products.
The bloc is racing to secure a trade agreement with the US before President Trump’s self-imposed deadline of 1 August.
EU Trade Commissioner Maroš Šefčovič is expected to speak with US Commerce Secretary Howard Lutnick this afternoon, as negotiations intensify. The European Commission reiterated that its priority remains a negotiated solution, though preparations for countermeasures are ongoing.
European markets rallied earlier today, buoyed by optimism following a US-Japan trade deal that has raised hopes of a similar breakthrough between Washington and Brussels. Sentiment improved further after President Trump confirmed that EU representatives would be arriving for negotiations on Wednesday.
“While our priority is negotiations, we continue in parallel to prepare for all outcomes, including potential additional countermeasures,” the Commission said in a statement.
France and Germany are reportedly pushing for a firmer stance, even as diplomatic efforts continue in the run-up to the deadline.
