EU considering 25% retaliatory tariffs on some U.S. goods

The European Union (EU) on Monday proposed a 25-percent tariff on select U.S. products in response to U.S. President Donald Trump's recent decision to impose duties on European steel and aluminum, Reuters and Bloomberg reported, citing an internal document shared with EU member states.

Some of the retaliatory tariffs will go into effect on May 16, according to Reuters.

The goods are wide-ranging and include diamonds, eggs, dental floss, sausages and poultry. Items previously under consideration, namely bourbon, wine and dairy, have been removed from the final list, Reuters reported.

Earlier on Monday, European Commissioner for Trade and Economic Security Maros Sefcovic confirmed that a list of countermeasures would be circulated to EU member states. A vote on the first set of retaliatory measures is scheduled for April 9, with implementation expected on April 15.

While stating the EU's preference for negotiation, Sefcovic emphasized the bloc's readiness to deploy "every tool" to shield itself from the impact of U.S. tariffs should talks break down.

"We are prepared to use every tool in our trade defense arsenal to protect the EU single market, EU producers and EU consumers," he said.

The 27-nation bloc faces 25-percent import tariffs on steel and aluminium and cars, and broader tariffs of 20 percent from Wednesday for almost all other goods under Trump's policy to hit countries he says impose high barriers to U.S. imports.

On Monday evening, the EU Commission said the first retaliatory tariffs of 25 percent on the U.S. imports were in response to Trump's steel and aluminium tariffs rather than the broader levies.

(With input from Xinhua, Reuters)