EU said it was prepared to retaliate with tariffs on hundreds of American products, from U.S. beef, auto parts and beer to Boeing airplanes.

The European Commission describes the trade between the U.S. and the EU as "the most important commercial relationship in the world.” The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

The European Union expects to find out on Monday whether President Trump will impose more tariffs, in a move that would have repercussions on both sides of the Atlantic.