The European Union is ready to talk to US President Donald Trump before making any more decisions on retaliatory tariffs, Ireland’s deputy prime minister said.

As tariffs "ramp up", those in Europe will "suffer most" because the EU's most important industries – cars, electrical equipment, appliances – are "exactly those where China has built the biggest advantages" and is "in position to grab the biggest piece" of any available "trade surplus pie".

U.S. President Donald Trump on Wednesday vowed to respond to the European Union's threat to impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month after Trump implemented blanket tariffs on steel and aluminum imports.

Italian Premier Giorgia Meloni on Tuesday called for “pragmatism” to prevent an EU-US dispute over tariffs from escalating into a full-scale trade war, and expressed support for U.S. President Donald Trump’s efforts for a ceasefire in Ukraine.