(Illustrative photo: VNA)

The proposed target products include industrial and agricultural products, such as steel and aluminum, textiles, home appliances, plastics, poultry, beef, eggs, dairy, sugar and vegetables.

In addition to retaliatory tariffs, European Commission chief Ursula von der Leyen announced the EU is prepared to launch “a series of countermeasures," but added that the bloc remains open to negotiations and considers higher tariffs in no one's interest.

European Trade Commissioner Maros Sefcovic on Monday said the Trump administration does not seem to be engaging in talks to avert trade conflict with the European Union, two days before the US is set to impose tariffs on all steel and aluminum imports.

"I traveled to the US last month. I was seeking constructive dialogues to avoid unnecessary pain of measures and countermeasures and jointly identify areas that would allow us to move forward by fostering a mutual benefit. But in the end, as they said, one hand cannot clap. The US administration does not seem to be engaging to make a deal," Sefcovic said. 

In addition to the EU, the US is also facing increased trade tensions with Canada, Mexico, and China. Both China and Canada have announced retaliatory measures.

Also on Wednesday, the British government said that it won’t impose retaliatory measures, adding that it seeks a pragmatic approach and is rapidly negotiating a wider economic agreement with the US.