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Investing.com -- The European Union (EU) is preparing to impose additional tariffs on about $113 billion worth of US goods if the current trade negotiations do not meet the bloc’s expectations. According to a report from Bloomberg News, citing anonymous sources, the proposed retaliatory measures will be discussed with member states as early as Wednesday, and consultations will continue for a month before the list is finalized.
In a separate move, the European Commission, the EU’s executive branch responsible for trade affairs, is set to present a paper to the US this week in an attempt to stimulate the ongoing negotiations. The EU’s proposals are likely to include reducing trade and non-tariff barriers and increasing investments in the US.
Trade talks between the EU and the US, which started in earnest last month, have made little progress so far. The majority of the American tariffs are expected to stay in place. The EU announced on Tuesday that the current US trade investigations will increase the amount of the bloc’s goods subject to tariffs to €549 billion.