WASHINGTON — The European Union has floated a “zero-for-zero” tariff resolution with the Trump administration after 20% import levies were imposed by Washington last week.

“We have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners,” European Commission President Ursula von der Leyen said Monday.

“Because Europe is always ready for a good deal. So we keep it on the table,” she said at a press conference alongside Norwegian Prime Minister Jonas Gahr Støre.

“We stand ready to negotiate with the US,” von der Leyen added. “We are also prepared to respond through countermeasures and defend our interests.”

EU Trade Commissioner Maroš Šefčovič, of Slovakia, said the zero-for-zero arrangement would be applied to chemicals, pharmaceuticals, rubber, plastic machinery and cars.

European officials, however, still haven’t ruled out retaliating against Trump’s earlier 25% tariffs on steel and aluminum.

Global stocks have plummeted since Trump’s “Liberation Day” announcement April 2 of the imposition of a 10% baseline global tariff — as well as higher import taxes slated to take effect April 9.

Trump, 78, has also slapped all foreign-made cars coming into the US with 25% tariffs.

The EU’s average tariff on non-US agricultural products is around 1.6%, but 10% duties are put on American cars.

The pan-continental STOXX Europe 600 index fell 6% when markets opened Monday but rallied to pare its losses to 2.9% at the close, in part based on von der Leyen’s comments.

Department of Government Efficiency (DOGE) czar Elon Musk said over the weekend that he was “hopeful” the US and EU would move into “a zero-tariff situation.”

“I hope that the United States and Europe can establish a very close partnership,” said the Tesla and SpaceX CEO, “effectively creating a free-trade zone between Europe and North America.”

Department of Government Efficiency (DOGE) czar Elon Musk said over the weekend that he was “hopeful” the US and EU would move into “a zero-tariff situation.”

That had nearly become a reality during former President Barack Obama’s second term but talks broke down after the environmental activist group Greenpeace leaked information, leading to a backlash.

Other issues included discrepancies between regulations on food produced in the US versus Europe.

Negotiations for the so-called Transatlantic Trade and Investment Partnership ended during Trump’s first term in 2019.

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