EU retaliatory measures could include taxes on digital services that could be aimed at U.S. technology companies such as Alphabet, the parent of Google, or Meta Platforms, which owns Facebook.

EU trade ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move.

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.

Eurofer plans a stricter safeguard system to protect EU steelmakers as tariffs loom and global steel flows shift.

European Union officials have drawn up plans to impose levies on American imports, but questions abound about whether they would go through with them.

The EU says the U.S. is resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached with U.S. by Aug. 1.

The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.

After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.

"If Europe is for free trade, we should be the ones showing the way and going down to very low tariffs first," CEO Hakan Samuelsson said on Thursday.