May 8 (UPI) -- The European Commission announced Thursday it has compiled a list of imported goods and items from the United States that could become subject to tariffs if the Trump administration doesn't back down or make a deal in regard to the duties President Donald Trump put on European Union countries.
The discussion covers a 218-page list of American exports, such as live animals and meat from animals, plants both edible and ornamental, food ingredients and extracted ingredients used for food preparation, alcoholic beverages, chemicals, tools and materials used for household, office, industrial, agricultural and artistic purposes, cleaning products, construction materials, automotive and nautical items, sporting goods, cosmetics and metals, among more.
A smaller list of steel scrap and chemical products that come from the EU and exported to the United States are also now considered to be "subject to possible commercial policy measures."
"Tariffs are already having a negative impact on the global economies," said European Commission President Ursula von der Leyen in a press release Thursday. "The EU remains fully committed to finding negotiated outcomes with the [United States]. We believe there are good deals to be made for the benefit of consumers and businesses on both sides of the Atlantic. At the same time, we continue preparing for all possibilities, and the consultation launched today will help guide us in this necessary work."
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The imports list is valued at over $107 billion. The noted exports, worth nearly $5 billion, would be reciprocal to the blanket U.S. tariffs and those put on cars and car parts.
The EU said it has "prioritized finding a mutually beneficial and balanced solution through negotiations, including within the framework of the 90-day partial suspension of tariffs" announced by the United States, and it continues to prepare potential countermeasures to defend its consumers and industry, in parallel with the negotiations and in case these fail to deliver a satisfactory outcome."
The EU is also set to open a World Trade Organization, or WTO, dispute with the United States over Trump's universal levies, which the EU says, "blatantly violate fundamental WTO rules."
The commission is also on guard in regard to the diversion of global exports into the EU market, which could occur due to U.S. duties placed on third countries, while also on watch for new export opportunities.
The air industry may also face repercussions should a trade war intensify between the United States and the EU.
The list of U.S. items up for potential duties would directly affect the Boeing aircraft company, but also cause problems for Irish airline company Ryanair, which would face higher principal costs, and has already started to cancel $30 billion worth of aircraft orders and may turn to alternatives for supplies, such as the Chinese plane maker COMAC.
The Dublin-based Aercap aircraft leasing company, and the world's largest such company, would enter into force on the dates of aircraft delivery should the E.U. put the new tariffs into effect.
The consideration process on whether to place the tariffs on American goods will continue until June 10, which is when the EU will finalize its countermeasures towards the United States.
Trump announced 20% tariffs on EU goods in April, as well as an additional 25% levy on all imports of vehicles and car parts. The Trump administration also put 25% tariffs on EU steel, aluminum and derived products in February. The overall 20% tariff was put under a 90-day pause later in April but left a 10% blanket duty active.
The EU said that 70% of EU exports to the United States are subject to both the paused tariffs and tariffs yet to be finalized, and that since Trump took office, "U.S. tariffs are raising costs for business, stifling growth, fueling inflation and heightening economic uncertainty," in the EU.
"The commission remains fully engaged with the US at both political and technical levels and is working tirelessly towards a sensible solution that benefits both sides," said Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency Maros Sefcovic, "We have acted from the start with clarity, consistency and a firm commitment to de-escalation. But we will not accept a result at any price. That is why we are actively consulting our Member States, industry and stakeholders to prepare for all eventualities."
