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Investing.com - The European Union is preparing a response to elevated U.S. tariffs imposed on the bloc’s imports during President Donald Trump’s ongoing 90-day pause, according to European Trade Commissioner Maros Sefcovic.
Despite the postponement of heightened "reciprocal" levies until July 8, the 27-member EU still faces a range of U.S. duties, including universal 10% tariffs and other trade taxes on items like steel, aluminum and autos.
Sefcovic said that U.S. tariffs currently cover around 70% of EU products traded to the United States, adding that this figure could increase to 97% following the outcome of U.S. investigations in semiconductors, pharmaceuticals and other industries.
While officials in Brussels are moving to negotiate a trade agreement with the White House, Sefcovic said that the EU would use Trump’s partial delay to ready possible countermeasures. "All options" are on the table, he noted.
The EU has temporarily suspended its own retaliatory tariffs on steel in a bid to help negotiations with the U.S. proceed, although media reports have suggested that talks have yet to make any major progress.
A settlement between the EU and U.S. is still Brussels’ preferred outcome for the discussions, Sefcovic said in a debate at the European Parliament on Tuesday, adding that the bloc is looking for a "fair and balanced solution". In April, Sefcovic met with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick in Washington, saying after the gathering that both sides would need to carry out a "significant joint effort" to secure a deal.
The EU has been a frequent target of Trump’s criticism, with the president arguing that it has purposefully carried out unfair trade practices that have harmed the U.S.