The European Union urged U.S. President Donald Trump not to undermine the sides' longstanding trans-Atlantic ties by seeking economic gains through punishing trade tariffs. The European Union wants to make trade not war, but stands ready to counter-punch if it does not win an exemption from Donald Trump's trade tariffs on steel and aluminium. The deadline for any exemption hits when EU leaders gather for their summit in Brussels. CGTN's Mariam Zaidi spoke exclusively with European Commission Vice-President Jyrki Katainen ahead of that meeting. Is the EU ready for a trade war? Take a look.

MZA: Mr Vice-President thanks for taking the time to join us on CGTN. The trade tariffs exemption deadline, ends at the time EU leaders are meeting on Thursday and Friday. DO you think the EU is going to win that exemption from Donald Trump's trade tariffs?

JK: According to our understanding there is a window of opportunity that is not closed yet. [Trade] Commissioner Malmstrom is right now in DC to discuss this issue with US Trade Secretary Ross. So we don't have a clear picture of the preconditions for any exclusion yet. First of all we want to avoid a trade war. Second, we don't accept unfair practices from our ally. And third, of course if nothing helps, we try to, we want to use counter-measures. Only because we want to influence the [US] administration to stop this behavior. There is still opportunity to avoid this unfortunate situation. It would be very bad for citizens on both sides of the Atlantic. There is no winners in trade wars.

MZA: How damaging could it be for the Transatlantic relationship if the EU and US engage in a trade war?

JK: We acknowledge that this is bad for the transatlantic relationship but it's so deeply rooted that nothing will never destroy the basis of good transatlantic relationship. But of course if President Trump takes unilateral action against allies, then it's a negative issue and it doesn't have any positive impact. I'm sure President Trump knows the figures and the facts and he and his administration knows that dumping isn't coming from Europe. But rather it's a problem that originates in China. But President Trump has widened the scope of unfair trading practices to a wider concept of economic security and it's quite worrisome. I cannot say when the exact date is that the counter-measures will step in, or we table the paper to the WTO. But both those are in our toolbox. We have already decided and got very strong support from our member states, that this will happen if nothing else helps. But before it's too late to avoid this kind of negative spiral, we try to get a good conclusion with the United States.

MZA: Thank you Mr. Vice-President.