The EU is preparing to impose retaliatory tariffs on 72.0 billion euros of American goods.

According to Jinshi, European Commission Vice-President Maroš Šefčovič, responsible for trade and economic security, said that if trade negotiations between the US and the EU fail, the EU is prepared to impose additional retaliatory tariffs on US imports worth 720.00 billion euros (approximately $840.00 billion). Just as the EU and the US are working to reach a trade agreement, US President Trump announced that a 30% tariff would be imposed on EU imports starting August 1. EU member state ministers met in Brussels on the 14th to discuss how to respond to Trump's latest statement and prepare countermeasures. [ChainCatcher]