The EU has offered the U.S. a “zero-for-zero” tariff deal on industrial goods to avoid a trade war, European Commission President Ursula von der Leyen announced Monday.

The offer comes in response to former President Trump’s new 20% tariffs on the EU and other partners, sparking global market turmoil.

The proposed deal would eliminate tariffs on items like cars and chemicals.

While von der Leyen emphasized openness to negotiations, she also warned the EU is ready to retaliate, Politico has reported.

EU trade ministers met to coordinate a response, with countermeasures against Trump’s steel and aluminum tariffs expected soon.

Written by B.C. Begley