UPDATED 10:36 AM PT – Monday, April 15, 2019
The European Union said it is ready to begin negotiations with the United States to eliminate tariffs on industrial goods.
Officials said the European Commission has drafted a tariff list of U.S. imports worth more than $22 billion, which they plan to announce Wednesday.
This comes after President Trump threatened to impose massive tariffs on EU products over subsidies to aircraft maker Airbus.
European Trade Commissioner Cecilia Malmstrom said they plan to start the negotiations with Washington as soon as possible.
“This is a limited, but still meaningful, win-win negotiations that we are offering and that was agreed between the two presidents, so that is what we will do,” said Malmstrom. “No more, no less, and we are ready to do it and I think that can, once we start, I think that can go quite quickly, so it will be for the U.S. to handle their internal procedures.”
The removal of transatlantic tariffs is expected to expand exports between EU and the United States by more than 10-percent.