The European Union is preparing to impose up to €100 billion ($113 billion) in tariffs on US goods if trade talks fail, according to a new report by Bloomberg this morning.

The draft list of retaliatory measures will be circulated to member states as early as Wednesday, with a one-month consultation period before finalization.

“These import taxes are unjustified and cause economic harm on both sides of the Atlantic,” said EU trade chief Maros Sefcovic. “This situation is not acceptable and we cannot afford to stay idle.”

The EU has already delayed €21 billion in planned tariffs after the US halved its reciprocal duties during ongoing negotiations. Talks, which began in earnest last month, have made little headway.

The Bloomberg article notes that the bloc has proposed eliminating tariffs on industrial goods and increasing purchases of US products like LNG and soybeans, but the US has rejected those offers, focusing instead on EU digital tax rules and tech regulations. A commission spokesperson declined to comment.

A new EU proposal paper is expected this week to revive talks.

The bloc is targeting high-impact areas without mimicking US tariffs directly, aiming to avoid damage to its own supply chains. Earlier retaliatory lists targeted politically sensitive goods like Louisiana soybeans.

Currently, the US imposes tariffs of 10–25% on €380 billion worth of EU exports—around 70% of the bloc’s total exports to the US. The EU's 2024 goods trade surplus with the US was €198.2 billion, though the overall surplus narrows to €48 billion when services are included.

“This is the time to act, in unequivocal terms, for the EU’s interest,” Sefcovic told lawmakers.