The EU estimates that annual trade volume between both sides stands at about $1.5 trillion, representing some 30% of global trade. While the bloc has a substantial export surplus in goods, it says that is partly offset by the U.S. surplus in the trade of services.
Britain, which isn’t part of the EU, meanwhile said it won’t impose retaliatory measures of its own on the U.S. British Business Secretary Jonathan Reynolds said Wednesday he would “continue to engage closely and productively with the U.S. to press the case for U.K. business interests.”
He did not rule out future tariffs on U.S. imports, saying “we will keep all options on the table and won’t hesitate to respond in the national interest.”