The European Union is poised to impose tariffs on approximately 72 billion euros worth of US goods as tensions in international trade escalate. This move underscores the necessity for dialogue to mitigate any potential complications in global trade.

At a recent meeting with EU ministers in Brussels, Trade Commissioner Maros Sefcovic announced the plans, emphasizing that while the bloc is actively seeking a resolution, it is prepared to retaliate if necessary.

The proposed retaliatory measures, as reported by politico.eu, focus on key sectors including aircraft, cars, and auto parts. A significant share of targeted products comprises industrial goods valued at 65.7 billion euros, along with 6.4 billion euros in agricultural products.

Danish Foreign Minister Lars Lokke Rasmussen voiced strong opposition to the US administration's threats of 30 percent tariffs on EU exports, labeling them as"absolutely unacceptable" during a joint press conference with Sefcovic.

Rasmussen, who currently leads the EU's rotating presidency, indicated that the bloc would respond decisively with proportional countermeasures if the situation necessitates.

Despite the looming tariffs, EU trade ministers have expressed a commitment to reach an agreement with Washington before the tariffs are implemented in order to avert further economic strains.

The EU has also compiled a separate list targeting 21 billion euros worth of US imports as a response to previously imposed US tariffs on steel and aluminum.

On Monday, European Commission President Ursula von der Leyen announced the extension of the suspension of trade countermeasures against the US until August 1, allowing for additional negotiations.

In a retaliatory context, US President Donald Trump declared on social media that the anticipated tariffs on the EU and Mexico would take effect starting August 1, 2025.

In response to these developments, French President Emmanuel Macron has called for a swift preparation of credible countermeasures, urging the mobilization of all available EU resources to counter US actions if no agreement is reached by the August deadline.

The US administration is also contemplating raised tariffs on Canada to 35 percent, along with 25 percent tariffs on imports from Japan and South Korea, and a staggering 50 percent tariff on all imports from Brazil to be introduced on the same date.

As US tariff revenues soar to record highs, generating 100 billion dollars so far this year, economists at the World Bank expect a significant slowdown in global trade growth due to the cumulative impact of rising tariffs and heightened policy uncertainty.