00:00The European Union is considering additional tariffs on more than $110 billion in U.S.
00:06exports if trade negotiations fall through, Bloomberg reported Tuesday, which could impact
00:11several industries, including oil and gas, as talks with the Trump administration appear
00:16to have stalled.
00:18The EU will target about 100 billion euros, roughly $113 billion, in U.S. goods with additional
00:25tariffs if trade talks fail to satisfy the bloc, which is expected to discuss the retaliatory
00:31levies as early as Wednesday, people familiar with the matter told Bloomberg.
00:36The U.S. has largely replaced Russia as one of the largest exporters of oil and gas into
00:41the EU since Russia invaded Ukraine in 2022, as petroleum oil and crude oil were the most
00:47imported products from the U.S., according to European Commission data.
00:52Nearly 1 million jobs in the U.S. were supported by trade and services with the EU in 2023,
00:58while another 3.4 million are supported by European investment, trade data from the EU suggests.
01:05Among the industries receiving the most support from EU trade and investment are aerospace,
01:10oil and gas, pharmaceuticals and medicines, medical equipment, vehicles, and agriculture.
01:18Trump administration officials have said more than 75 countries have reached out to the White
01:22House to negotiate trade deals, even as details of those talks have yet to be disclosed.
01:28Trade deals with Japan and countries surrounding China have been prioritized, NBC News reported,
01:33with South Korea and Vietnam as quote-unquote key priorities.
01:38The Trump administration has promised 90 deals in 90 days, with some countries and blocs like
01:44the EU pausing planned retaliatory tariffs as negotiations ensue.
01:50For more on these stories, check out Ty Rush's articles linked in the description.
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