US President Donald Trump has intensified his trade offensive, announcing steep new tariffs that will impact a wide range of countries from major partners like Japan and South Korea to smaller economies.

The European Commission describes the trade between the U.S. and the EU as "the most important commercial relationship in the world.” The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

EU said it was prepared to retaliate with tariffs on hundreds of American products, from U.S. beef, auto parts and beer to Boeing airplanes.