The European Union will unveil the next phase of its proposed countermeasures to mitigate U.S. tariffs on Thursday, European Trade Commissioner Maros Sefcovic said Wednesday.
"Tomorrow we will announce next preparatory steps, both in [the] area of possible rebalancing measures and also in the areas important for further discussions," Sefcovic said during a news conference in Singapore.
In April, the Trump administration imposed a 20% tariff on all goods coming in from the EU but shortly paused the taxes to allow 90 days for negotiations which will expire on July 8. While a 10% tariff remains in place for most items, a 25% duty on foreign cars, steels and aluminum remains intact. The EU has currently paused its preliminary set of retaliatory measures, a response to the metals tax, which are aimed at roughly $21 billion worth of U.S. products.
"We are working very closely with our member states, consulting industry, talking to our key stakeholders to ensure we are ready for whatever comes next," Sefcovic said adding that "Negotiations clearly come first but not at any cost." Sefcovic told reporters that the commission will utilize a "laser-focused approach" to a negotiated solution with the Trump administration.
Last week, the commission presented the EU a list of concessions it was prepared to make with Washington in addition to an updated list of products it will hit with tariffs if the negotiations fail. Sefcovic cautioned European lawmakers last week in Strasbourg, Germany that the ongoing investigations the Trump administration is doing into the production of lumber, pharmaceuticals, and semiconductors could result in a tax on 97% of European exports.
The EU's delegation of trade representatives will be led by Sabine Weyand and is scheduled to meet with their U.S. counterparts in Washington this week. Possible products that are open to negotiation include, energy, notably liquid natural gas, some agricultural products, soybeans, according to commission spokesperson Olof Gill.