On Friday European Union will start applying import tariffs equal to 25% to a whole range of American goods, Reuters reports. This step is an answer to US tariffs on import of steel and aluminum that were imposed earlier this month and will stimulate further escalation of trade conflict.

Comission formally approved introduction of duties to 2,8 billion euro of American goods, including steel and aluminum products, as well as agriculture goods, such as sweetcorn and peanuts. Bourbon, jeans and motocycles are also subject to additional import payments.

EU announced that it is ready to cancel tariffs, if US removes metal duties.

Canada is also preparing to introduce tariffs on American import valued $12,5 billion from July 1. Mexico already imposed duties on US goods ranging from steel to pork and bourbon two weeks ago.