• The EU proposes retaliatory tariffs totaling $107 billion on U.S. goods.
• Major targets include agricultural products, aircraft, and vehicles.
• Ursula von der Leyen reaffirms commitment to negotiating with the U.S.
• A consultation period until June 10 will allow feedback on proposed tariffs.
• The EU plans to initiate WTO legal action against U.S. tariff policies.

The European Union (EU) has unveiled a plan to impose retaliatory tariffs on U.S. goods exceeding $107 billion if ongoing negotiations with the United States do not lead to satisfactory outcomes. The proposed list includes various products, notably agricultural items like wine and soybeans, as well as manufactured goods such as aircraft and vehicle parts. European Commission President Ursula von der Leyen emphasized the EU's commitment to negotiating a favorable agreement but stated that they are prepared to take necessary measures in response to U.S. actions, according to NY Times and Reuters.

The EU's plans reflect rising tensions in international trade, particularly following U.S. President Donald Trump's imposition of tariffs on various products from the EU. This includes a blanket 10% tariff on EU imports and a 20% levy on specific goods, which was momentarily paused to facilitate negotiations. The European Commission has estimated that U.S. tariffs currently affect approximately 70% of EU goods trade, highlighting the significant economic implications for both parties, according to India Times and LA Times.

The European Commission will conduct a month-long consultation period with EU member states and industry stakeholders, allowing interested parties to provide feedback on the proposed tariff list before a final decision is made by June 10. This consultation aims to assess potential impacts and adjust plans accordingly, reflecting the EU's cautious approach to retaliation, reports The Hill and Reuters.