The European Union has confirmed it is proposing to introduce tariffs on a “broad range of industrial and agricultural products” imported from the US which would be worth €95bn.
The tariffs would be implemented if EU-US trade negotiations do not result in a “mutually beneficial outcome”, it said.
The list includes aircraft, which is a potential blow to Ryanair, which has ordered planes from US manufacturer Boeing.
Also on the list is bourbon whiskey, wine, cider, cars, bicycles, boats, smartphones, cattle, soya, olives and very limited pharmaceuticals.
But there will be considerable relief in Government circles in Dublin that main pharmaceutical products do not make the draft list published today, however Commission President Ursula von der Leyen has said repeatedly that every option remains on the table should the trading relationship with the US deteriorate.
Proposed countermeasures today include €6.4bn on agricultural products, €10.5bn on aircraft, €10bn on motor parts, €12.5bn on chemicals and plastics, and €7.2bn on electrical equipment.
The European Commission said it was also consulting on “possible restrictions” on certain EU exports of steel scrap and chemical products to the US worth €4.4bn.
It said the consultation was designed to address both the US universal tariffs of 10% on EU goods and the 25% duties on cars made in the EU which it described as “unjustified and harmful”.
Commission President Ursula von der Leyen said: “Tariffs are already having a negative impact on the global economies. The EU remains fully committed to finding negotiated outcomes with the US.
“We believe there are good deals to be made for the benefit of consumers and businesses on both sides of the Atlantic.”
She added: “At the same time, we continue preparing for all possibilities, and the consultation launched today will help guide us in this necessary work”.
Taoiseach Micheál Martin earlier met Ms von der Leyen in Brussels, with discussions focused on the EU’s response to US tariffs, EU-UK relations and Gaza.
His visit coincides with the EU publishing its proposed countermeasures to US tariffs.
The agenda for this morning’s meeting between the Taoiseach and the Commission President included economic issues, such as improving EU competitiveness, as well as international crisis like Ukraine and Gaza.
However, the main focus was the EU’s planned response to US tariffs, with the commission publishing its proposed counter measures should trade talks fail.
The Taoiseach has repeatedly stressed Ireland’s strong desire to secure a negotiated settlement, saying in a trade war, everyone ultimately loses and the poorest lose most of all.
His meeting lasted just over an hour.
The EU is publishing its proposed countermeasures to US tariffs later today
From today, Mr Martin will be able to assess the impact such measures might have on Ireland, and seek to ameliorate any damage to the Irish economy.
Dáil hears no one wins in a trade war
The Tánaiste has said that nothing will happen immediately after the publication of the EU’s long list of counter tariff measures.
Simon Harris told the Dáil there would be a public consultation period up to 10 June.
He said he would ultimately like to see the measures ripped up but the EU has to negotiate from a position of strength and cool heads are needed.
If countermeasures are introduced it would not be good for any economy, the Tánaiste said.
The Tánaiste added that the unique position of Northern Ireland must be respected in all discussions.
Sinn Féin’s Pearse Doherty said he expected the trade deal between the US and Britain to bring unique challenges on the island of Ireland.
He said meaningful negotiations are needed because no one wins in a trade war and ordinary families would suffer most.
Mr Doherty urged the Government to keep the country’s interests to the fore.
