EU chief Ursula von der Leyen said the bloc was ready to take all "necessary" steps to safeguard its economic interests, after US President Donald Trump announced that he would impose 30% tariffs on all EU goods.

The EU plans to impose 30% tariffs on €100 billion of U.S. goods as retaliation if no trade deal is reached by Aug. 1, heightening uncertainty.

The ACI was proposed in 2021 as a response to EU member criticism that the first Trump administration and China had used trade as a political tool. China had targeted Lithuania, according to Lithuanian officials, after it allowed Taiwan to set up a de facto embassy in Vilnius.

It also reportedly cancelled plans for a 50% tariff on U.S. bourbon, a sticking point for Trump, after he threatened a 200% tax on European wine and champagne produces in response. What To Watch For

A three-day meeting in response to President Trump’s looming tariff threat underscored differences between the leaders of Canada’s provinces and territories.

The European Commission is working on a plan that could be ready as early as next week to counter President Trump's auto export levies and a 20% tariff on goods from the bloc, a spokesperson said.

EU ministers responsible for trade took a softer line on Wednesday by prioritizing negotiations over retaliatory measures, aware that the U.S. steel and aluminum tariffs will only apply from March 12.

European Commission President Ursula von der Leyen said during the Munich security conference Friday the European Union will respond if the United ... firm response to Trump reciprocal tariffs.