German finance minister Lars Klingbeil has warned that the EU stands ready to impose retaliatory measures against US goods if the two parties fail to reach a “fair” deal to resolve their trade dispute. Klingbeil told German MPs on Tuesday:

As President Donald Trump began issuing letters slapping tariffs on over a dozen countries, Germany warned that the European Union is ready to retaliate against the U.S. in case a fair deal is not reached.

President Donald Trump said he would not offer any extensions for the implementation of increased tariffs on many goods imported into the US, pledging that new rates would hit at the beginning of August.