The European Union says fully prepared to react to US trade tariffs

This file photo shows Margaritis Schinas, spokesman for the European Commission.

The European Union says it is fully prepared to react to trade tariffs imposed by the United States on the import of steel and aluminum from the bloc.

Margaritis Schinas, spokesman for the European Commission, EU’s powerful executive body, said Monday that the union was still hoping that the US would extend tariffs exemptions for the bloc beyond its Tuesday deadline, but insisted that officials in Brussels were fully prepared to adopt tit-for-tat measures against the tariffs.

"We are patient, we are prepared and Labor Day will be full of labor for us,” said Schinas, suggesting that EU officials would work on the issue even on Tuesday's public holiday.

EU sources were hopeful that last-ditch talks between EU’s trade chief Cecilia Malmstrom (seen below) and US Secretary of Commerce Wilbur Ross on Monday would convince US President Donald Trump to permanently exempt the EU from the tariffs of 25 percent on steel and 10 percent on aluminum.

However, chances for winning such a permanent exemption are slim as Trump has insisted any waiver from the tariffs, which he says are mainly aimed at China, would only come if EU partners give concessions.

Trump imposed the tariffs last month on the grounds that US producers crucial to military preparedness were being undermined by cheap imports.

In this photo taken on March 6, 2018, laborers fill orders of machine grade steel to be shipped throughout the Pacific Northwest at the Pacific Machinery & Tool Steel Company in Portland, Oregon, the US. (Photo by AFP)

EU countries have warned that they could also impose their own punitive tariffs on US-made goods.

Leaders of France, Germany and Britain held phone talks Sunday to reiterate that the EU was ready to react to the imposition of tariffs.

“The EU must be ready to react, if necessary, with efficiency and speed,” said a statement from France's presidency after the talks between French President Emmanuel Macron, German Chancellor Angela Merkel and Britain's Prime Minister Theresa May.

Macron and Merkel visited Washington last week but failed to receive assurances from Trump that he may exempt the Europeans from the controversial trade tariffs.