EU Prepares Retaliatory Tariffs on $20 Billion of US Goods

(From Reuters)

The European Commission is drawing up a list of $20 billion of U.S. goods to hit with duties if Washington imposes tariffs on imported cars, European Union Trade Commissioner Cecilia Malmstrom said on the eve of her boss’s meeting with U.S. President Donald Trump.

Malmstrom is in Washington for talks on trade, with European Commission President Jean-Claude Juncker due on Wednesday to meet Trump in a bid to stop the United States from extending its import tariffs on EU steel and aluminum to cars and car parts.

“We hope that it doesn’t come to that and that we can find a solution. If not, the EU Commission is preparing a rather long list of many American goods. It would be around $20 billion,” Malmstrom told Swedish newspaper Dagens Nyheter on Wednesday.

In response to the U.S. metals tariffs, the EU has already imposed its own import duties on 2.8 billion euros ($3.3 billion) worth of U.S. goods, including products like bourbon and motorcycles that are made in some of the electoral districts that supported Trump.

Malmstrom said the next potential round of EU tariffs would not target specific U.S. states.

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