Europe is ready to unleash a $20 billion tariff retaliation against Trump to hit a 'long list' of American goods

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• The European Union has prepared retaliatory tariffs on $20 billion of US goods in case talks with the Trump administration fail.
• "We hope that it doesn’t come to that and that we can a solution. If not, the EU Commission is preparing a rather long list of many of American goods. It would be around $20 billion," EU trade commissioner Cecilia Malmstrom said.
• Malmstrom's comments come as European Commission president, Jean Claude Juncker, travels to Washington for talks with the Trump administration aimed at diffusing the tensions between the two parties over Trump's trade war.

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The European Union is readying retaliatory tariffs on around $20 billion worth of US goods coming into the bloc should talks between the two parties this week fail.

Speaking to Swedish newspaper Dagens Nyheter, the EU's trade commissioner, Cecilia Malmstrom, warned that while the EU wants to reach a settlement with the US, it will not shy away from hitting back at the punitive tariffs placed on certain exports by the Trump administration.

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See Also:

• Goldman Sachs breaks down the damage a trade war could cause in the stock market and 2 ways investors can protect themselves
• GOLDMAN SACHS: There's one market that's vulnerable to Trump's tweets
• The EU is already preparing for trade talks with Trump to fail — and is readying a major retaliation

SEE ALSO: Trump's trade war is getting serious — here's why it started, what it means for the US economy, and how it could hit you

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