As bureaucrats in Brussels wait for the other shoe to drop following the completion of the Commerce Department's report on whether auto imports represented a "national security threat" (spoiler: they do), they are once again making it clear to the White House that, if it follows through with 25% tariffs on imported cars and car parts, the EU will swiftly retaliate with tariffs of its own.
And according to Bloomberg, the EU's trade officials are targeting Xerox, Caterpillar and Samsonite for retaliation should the US move ahead with auto tariffs.
Unsurprisingly, shares of Caterpillar and Xerox tumbled on the news:
Samsonite's ADRs weren't trading. Trump struck an agreement with the EU's Jean Claude Juncker last year to avert a trade war, but it appears negotiations on a final deal have stalled.