As part of a customs dispute with U.S. President Donald Trump, the European Union (EU) is preparing to impose retaliatory tariffs on American imports. The total value of these measures amounts to €72 billion and will come into effect if negotiations with Washington fail.

Axar.az reports that this was announced by European Commission Trade Commissioner Maroš Šefčovič.

“We had worked on a main agreement for weeks and were almost at the finish line. This statement now introduces an entirely different dynamic,” Šefčovič said.

He warned that the implementation of the U.S. president’s plans would deal a serious blow to Transatlantic trade.

It should be noted that the U.S. has imposed a 30% customs tariff on EU and Mexican goods. The decision will take effect on August 1.