WASHINGTON (TNND) — The European Union announced Monday that it is "ready to negotiate" with the United States and offer "zero-for-zero tariffs for industrial goods," European Commission President Ursula von der Leyen said during a news conference in Brussels.

"Because Europe is always ready for a good deal. So we keep it on the table," Von der Leyen said. "But we’re also prepared to respond with countermeasures. And protect ourselves against indirect effects through trade diversion."

President Donald Trump announced tariffs on dozens of countries last week, with EU exports facing a 20% reciprocal tariff while the steel and auto industries face 25%.

Von der Leyen hosted representatives of the steel and metals industry on Monday to discuss the implications of the US tariffs on steel, aluminium, and related derivative products.

"The exchange of views focused on gathering industry views and proposals for the most effective EU response to the US measures," she said.

Trump's trade war has caused financial markets across the world to lose trillions of dollars and for investors to panic.