Now for a look at US tariffs. The European Commission's trade chief said Wednesday that the European Union was ready to respond to U.S. steel and aluminum tariffs but still hopes the levies can be avoided. The European Commissioner for Trade -- Cecilia Malmstrom -- said that the EU has serious doubts about the justifications for the American tariffs.  

The trade commissioner said that if the US imposed its tariffs, the EU would request a WTO response and move to protect European jobs. The EU already has drawn up a draft retaliation list to impose a 25 percent tariff on 2.8 billion euros worth of imports from the US. The list includes one billion euros in tariffs on T-shirts, jeans, and motorcycles, 951 million euros in tariffs on orange juice, bourbon and other agricultural products, and 854 million euros in tariffs on steel and other industrial goods.