The European Commission is drawing up a list of $20 billion worth of US goods to impose duties if Washington imposes tariffs on imported cars. In response to the US metals tariffs, the EU has already imposed its own import duties on €2.8 billion ($3.3 billion) worth of US goods, including products like bourbon and motorcycles. The next potential round of EU tariffs would target €9 billion worth of general goods such as agricultural products, machinery, high-tech products and other things.

EU budget commissioner Guenther Oettinger suggested the EU would be ready to discuss mutual tariff cuts provided the Washington lifts punitive metals tariffs first. The two parties could try to forge a lighter version of the planned US-European trade deal known as the Transatlantic Trade and Investment Partnership (TTIP).