The European Union is preparing to target U.S. companies like Caterpillar Inc. (CAT - Get Report) , Xerox Corp. (XRX - Get Report) and Samsonite International SA (SMSEY) if the U.S. goes through with threats to place tariffs on European auto imports, according to Bloomberg.
An EU official spoke to the news service on the condition of anonymity due to the sensitive nature of the comments.
"Should there be tariffs on car and car parts, which we don't want, we have started internally to prepare a list of re-balancing measures," EU Trade Commissioner Cecilia Malmstrom said Friday after a meeting of the bloc's commerce ministers in Bucharest. "There is full support to do this."
Last month, the European Commission said that it would place as much as €20 billion ($22.7 billion) in tariffs on U.S. products if President Donald Trump decides to place tariffs on EU imports.
During a press conference in the Rose Garden last week, Trump said that he was a fan of tariffs.
The companies named in the report are not experiencing any major disruptions Friday, with Xerox rising 0.34% and Caterpillar rising 0.13%.