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Investing.com - European Union member states have voted in favor of a proposal from the bloc's executive arm to introduce new trade countermeasures against the United States.
In a statement on Wednesday, the EU said the retaliatory tariffs "can be suspended at any time" should the U.S. agree to a "fair and balanced negotiated outcome."
According to media reports citing a draft document, the EU's duties will cover a wide range of items from poultry and metals to grains and clothing. However, the EU did not release a full list of the products impacted by the announcement, saying only that the levies would start being collected as of April 15.
The total value of goods impacted by the tariffs could amount to just above 20 billion euros, the New York Times (NYSE:NYT) has reported.
U.S. President Donald Trump has moved to slap a 20% tariff on the EU as part of his so-called "reciprocal" levies designed to overhaul years of what he has deemed to be unfair trade practices. The EU also faces a 25% duty on steel and aluminum and cars.
In response, European Commission President Ursula von der Leyen has said the EU stood ready to retaliate. Reports have suggested the EU could roll out additional tariffs mostly of 25% on a slew of U.S. imports.
"The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy," the bloc said in a statement on Wednesday. "The EU has stated its clear preference to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial."
EU Trade Commissioner Maros Sefcovic said on Monday that the first batch of tariffs would be collected beginning on April 15, followed by a second tranche on May 15. Sefcovic said U.S. tariffs are denting around 380 billion euros in EU exports to the world's largest economy.
Meanwhile, other countries around the world are moving to respond to Trump's tariffs, adding fuel to global stock market ructions.
On Wednesday, China's government announced that it is putting an additional 50% tariff on imports from the United States, matching a further levy imposed by Trump in response to an earlier retaliatory action by Beijing.
The move would increase China's reciprocal tariffs on U.S. items to 84% from 34% previously, according to the nation's finance ministry, as a trade war intensifies between the world's two biggest economies. The actions are due to take effect from April 10.
A slate of Trump’s tariffs, including levies on China raising the Trump administration's tariffs on the country to 104%, kicked in earlier on Wednesday.