In an attempt to avoid an all-out trade war, the European Union (EU) has offered to remove all tariffs on United States industrial goods if the administration of President Donald Trump would extend the same courtesy, reports say.
“We have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners, said European Commission President Ursula von der Leyen on Monday. "Because Europe is always ready for a good deal. So we keep it on the table."
The offer comes following 20 percent tariffs having been imposed last week by Trump on the EU and numerous other trade entities throughout the world; there is currently an overall 10 percent tariff on all nations, in addition to specific countries - including Canada, Mexico, and China - being singled out with much higher rates of up to 25 and even 50 percent.
The trade war implemented by Trump has caused turmoil in the financial sector, with investors sent into a panic, U.S. stock values plunging, and markets across the globe losing trillions in value.
The White House has yet to respond to the EU's offer.