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The European Union is considering additional tariffs on more than $110 billion in U.S. exports if trade negotiations fall through, Bloomberg<\/a> reported Tuesday, which could impact several industries, including oil and gas, as talks with the Trump administration appear to have stalled.<\/p>\n The U.S. has replaced Russia as one of Europe\u2019s largest oil and gas exporters in recent years. <\/p>\n NurPhoto via Getty Images <\/p>\n Key Facts<\/p>\n The EU will target about \u20ac100 billion (roughly $113 billion) in U.S. goods with additional tariffs if trade talks fail to satisfy the bloc, which is expected to discuss the retaliatory levies as early as Wednesday, people familiar with the matter told Bloomberg<\/a>.<\/p>\n The European Commission, the EU\u2019s executive arm, will reportedly accelerate talks with the U.S. later this week with proposals to lower trade and boost European investments in the U.S.<\/p>\n Get Forbes Breaking News Text Alerts: <\/strong>We\u2019re launching text message alerts so you’ll always know the biggest stories shaping the day\u2019s headlines. Text \u201cAlerts\u201d to (201) 335-0739 or sign up here<\/a>.<\/p>\n These U.s. Goods\u2014oil, Gas, Soybeans, Cars\u2014may Be Targeted By New Eu Tariffs<\/p>\n Nearly 14% of all goods imported to EU countries last year originated in the U.S., according to European Commission data<\/a>. It\u2019s unclear which goods would be targeted by new tariffs, however, though the largest U.S. exports to the EU covered several industries in 2024:<\/p>\n How Many U.s. Jobs Are Backed By European Investment?<\/p>\n Nearly 1 million jobs in the U.S. were supported by trade in services with the EU in 2023, while another 3.4 million are supported by European investment, trade data<\/a> from the EU suggests. Among the industries receiving the most support from EU trade and investment are aerospace, oil and gas, pharmaceuticals and medicines, medical equipment, vehicles and agriculture.<\/p>\n What Has Europe Said About U.s. Trade Talks?<\/p>\n European Commission President Ursula von der Leyen said<\/a> the EU will \u201cgive negotiations a chance,\u201d though Bloomberg previously reported<\/a> talks with the U.S. have made little progress as some European negotiators left talks \u201cwith little clarity\u201d on Trump\u2019s goals for a deal. Trump, during a meeting with Italian Prime Minister Giorgia Meloni, said, \u201cThere will be a trade deal, 100%,\u201d between the U.S. and EU. Meloni, a right-wing Trump ally, said she was \u201csure<\/a>\u201d the U.S. and EU could reach an agreement.<\/p>\n Key Background<\/p>\n Trump announced sweeping tariffs on U.S. trade partners last month, though he has since pared back his levies to include a 10% baseline tariff on most imported goods. Trump administration officials have said more than 75 countries have reached out to the White House to negotiate trade deals, even as details of those talks have yet to be disclosed. Trade deals with Japan and countries surrounding China have been prioritized, NBC News reported<\/a>, with South Korea and Vietnam as \u201ckey priorities.\u201d The Trump administration has promised \u201c90 deals in 90 days,\u201d with some countries and blocs like the EU pausing<\/a> planned retaliatory tariffs, as negotiations ensue.<\/p>\n Further Reading<\/p>\n EU Eyes \u20ac100 Billion Of US Goods With Tariffs If Talks Fail<\/a> (Bloomberg)<\/p>\n\n