BRUSSELS, July 8. /TASS/. The European Union is preparing to impose tariffs on US goods amounting to 116 bln euro annually, although it still hopes to reach an agreement to minimize mutual tariffs, Bloomberg reported.

According to the agency, the EU has drafted two sets of tariffs. The first is a minimal package covering 21 bln euro worth of American exports, including soybeans, certain agricultural products, and motorcycles. The EU threatens to impose these tariffs if the US does not lift its current 10% tariffs on European steel, aluminum, and automobiles.

The maximum package targets an additional 95 bln euro worth of goods and would cover all key categories of American exports, including Boeing aircraft, automobiles, and bourbon. This package would be implemented if the US follows through on its threat to impose tariffs on the entirety of European exports.

Initially, these EU tariffs were expected to be introduced on July 9, which the European Commission had set as the deadline for reaching an agreement with the US. However, on July 7, the White House announced that it would postpone the imposition of tariffs until August 1, giving Brussels and Washington an additional three weeks to negotiate a possible deal.

According to Bloomberg, if the EU and the US fail to reach an agreement by August 1, US tariffs on European products could rise to as much as 50%.