The European Union has threatened that if negotiations with President Donald Trump's team fail to prevent a trade war, it will target US cars and aircraft among a range of products worth €95 billion ($107 billion).

The European Commission said that, in parallel, it would file a complaint with the World Trade Organization (WTO) over Trump's sweeping tariffs on the bloc.

The US president announced 20% "reciprocal" tariffs on most EU goods. But he then froze the measure until July, along with higher tariffs on dozens of other countries, AFP reported.

However, Trump kept the "basic" 10% tariffs on imports from around the world, including the 27-member Union.

The EU wants to reach an agreement with the US to prevent a trade war from breaking out, but is preparing retaliatory measures if Trump's tariffs come back into force.

Commission President Ursula von der Leyen confirmed the bloc's determination to reach a solution through negotiations and avoid painful tariffs for both sides.

"The EU remains fully committed to finding results through negotiations with the US. We believe that good deals can be reached that benefit consumers and businesses on both sides of the Atlantic," she said.

Trump also imposed 25% tariffs on imports of steel, aluminum, and cars.

In response to the tariffs on steel and aluminum, Brussels drew up an initial list of products worth €21 billion, but suspended these retaliatory tariffs until July 14 to allow time for negotiations.

The much longer list presented today, May 8, the bloc's proposed response to the US president's so-called "reciprocal tariffs," aims to increase pressure on the US to reach an agreement.

There is some hope for an agreement after Trump announced a trade deal with the UK today. It would be the first such agreement since he began imposing tariffs. | BGNES