'We will defend ourselves': EU planning for targeted retaliation if Donald Trump wins back White House

The levy could reduce EU exports by around €150billion annually.

Brussels is looking to respond to the crippling tariffs with a carrot-and-stick approach.

The European Commission is even drawing up lists of imports it could hit with duties of 50 per cent or more, The Financial Times has claimed.

“We have to show we are a partner for the US, not a problem,” a senior EU official said.

“We will look for deals, but we are ready to defend ourselves if it comes to it. We won’t be guided by fear.”

During Trump’s White House term, the 45th President introduced tariffs on €6.4billion of imports of steel and aluminium from the EU and elsewhere.

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The EU hit back with rebalancing tariffs of a value of €2.8billion.

Valdis Dombrovskis, EU trade commissioner, told the Financial Times he was hopeful the two sides could avoid a repeat of past “confrontation”.

“We believe the US and EU are strategic allies and especially in the current geopolitical context, it’s important that we work together on trade,” he said.

Despite attempts to appease US voters on lobsters and meat, the annual US trade deficit widened to €152billion in 2020 from €114billion in 2016 when Trump won the election.

However, Brussels policymakers have become increasingly optimistic about how to combat Trump.

“Whatever happens this time, we are better prepared,” a senior source said.

The Hill has handed Trump a 2.1 per cent lead over Vice President Kamala Harris in a polling average.

Despite losing the popular vote, Trump secured the White House in 2016.

Winning the popular vote would come as a major surprise to Grand Old Party nominees, with only one pulling off the feat since 1988.