The European Union announced plans to impose retaliatory tariffs on certain US imports, including potentially aircraft manufacturer Boeing, if ongoing trade tensions with Washington are not resolved. The action is in response to US President Donald Trump's tariffs on global trading partners, according to Reuters.

The European Commission, which handles trade policy for the EU's 27 members, has also announced that it will take legal action against US tariffs at the World Trade Organization.

"The EU remains committed to negotiated solutions, but we are preparing for all outcomes," added Commission President Ursula von der Leyen, Reuters reported.

In early April, the US imposed a 20 percent tariff on EU goods, later pausing the measure for 90 days to allow for negotiations. However, a 10 percent tariff remains in place on EU imports.