The European Union (EU) plans to strengthen cooperation with other countries affected by US President Donald Trump's import tariffs, following new trade threats against the bloc and America's other trading partners, Bloomberg reports.
The events are unfolding amid prolonged negotiations between the EU and the US. The two sides still can’t agree on key issues, including tariffs on cars and agricultural products.
EU officials plan to expand trade agreements with India and Asia-Pacific countries. In addition, the bloc will delay imposing countermeasures against the US until August 1. However, the EU is still preparing retaliatory steps in case of emergency situations.
The current measures will hit about 21 billion euros ($24.5 billion) of American goods. Another document prepared by the EU could target US products worth 72 billion euros (over $84 billion).
Experts at Goldman Sachs believe that the eurozone's response could escalate trade tensions. At the same time, Trump's threats might just be a negotiation tactic.