(MENAFN) The European Union is taking action in response to the recent tariffs imposed by the United States on EU products while leaving room for further discussions, European Commissioner for Trade and Economic Security, Maros Sefcovic, announced during a press conference after an emergency meeting of the Foreign Affairs Council on Trade.

The newly imposed US tariffs now affect approximately EURO380 billion (USD416.8 billion) of EU exports, accounting for around 70 percent of the total. The duties range from 20 percent to more than 25 percent, Sefcovic explained.

"The current trade situation with the United States, our most significant partner, is in a tough spot," he remarked. He emphasized that his primary goal has been to initiate substantial negotiations with the US government, and that communication with US officials has remained transparent and straightforward.

Sefcovic underscored that both the EU and the US face common challenges, including global overproduction, competition in the semiconductor industry, and the availability of crucial minerals. "If we team up, we could build a truly Trans-Atlantic marketplace that benefits both sides," he added.

He pointed out that the EU has already made a significant proposal, which includes removing tariffs on automobiles as well as all industrial products.

But Sefcovic additionally clarified that getting involved with the United States on this matter will require time and dedication.

He mentioned that the US sees tariffs not just as a strategy but as a means of correction, meaning that the process of meaningful negotiations is still in its initial phases.

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