The EU has made it lucidly clear that it will retaliate with $39.1 billion of U.S. goods if Washington was to go ahead with its threat to impose tariffs on EU car exports.

In a warning to Washington, the European Union’s trade chief made it amply clear that the bloc will retaliate with extra duties on $39.1 billion (35 billion euros) worth of U.S. goods if the United States was to act on its threat to impose tariffs on EU cars exports to the U.S.

“We will not accept any managed trade, quotas or voluntary export restraints and, if there were to be tariffs, we would have a rebalancing list,” said European Trade Commissioner Cecilia Malmstrom to a committee of the European Parliament.

“It is already basically prepared, worth 35 billion euros. I do hope we do not have to use that one,” she said.

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Tags: cars exports, Cecilia Malmstrom, duties, EU, European Trade Commissioner, European Union, impose, managed trade, quotas, restraints, retaliate, tariffs, trade chief, U.S, United States, voluntary export, Washington