The European Union is considering imposing  93 billion euros ($107.68 billion) worth of tariffs on Washington or restricting American companies' access to the bloc's market, in response to U.S. President Donald Trump's tariff threats over Greenland, according to the Financial Times.

Citing officials involved in the preparations, the Financial Times said the retaliatory measures are being drafted to give European leaders leverage ahead of pivotal meetings with Trump at the World Economic Forum in Davos.

The report said the EU had drawn up the tariff list since last year but kept it suspended until February 6 to avert a trade war. However, amid the escalation of the transatlantic rift over Greenland, representatives of EU members discussed reactivating it on Sunday, alongside talks about using the Anti-Coercion Instrument, which could curb U.S. firms' access to the bloc's market.

The report came after the eight countries directly targeted by the U.S. proposed tariffs-Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the United Kingdom-issued a joint statement on Sunday declaring "full solidarity" with Denmark and its Greenland.

In a social media post on Saturday, Trump said the United States would levy a 10-percent tariff from February 1 on goods from the eight countries. He warned the rate would rise to 25 percent on June 1 and remain in place until a deal is reached for the "complete and total purchase" of Greenland.

Trump's tariff announcement has swiftly drawn strong reactions from European countries, with European leaders and ministers branding the U.S. threat coercive and unacceptable.

Dutch Foreign Minister David van Weel explicitly called the tariffs an act of "blackmail," urging Washington to withdraw the "ridiculous proposal" before it takes effect. German Vice Chancellor and Finance Minister Lars Klingbeil said Berlin "must not allow itself to be intimidated," adding that "a line has been crossed."

European Council President Antonio Costa said on Sunday that tariffs "would undermine transatlantic relations" and are "incompatible with the EU-U.S. trade agreement." He underscored that the EU stands ready to defend itself against any form of coercion.

In this regard, he added that he will convene an extraordinary meeting of the European Council in the coming days to further coordinate the bloc's response.

Trump, due to attend the World Economic Forum on Wednesday and Thursday, is expected to hold private talks with European leaders, including European Commission President Ursula von der Leyen and NATO chief Mark Rutte.

(With input from Xinhua)