The United States could get a new round of retaliatory tariffs worth as much as $300 billion, if it moves ahead with new duties on European cars, the Financial Times reported.

In a written statement to the US Department of Commerce, seen by the news publication, the EU set out clear plans to respond to potential US duties on European cars. According to the newspaper, European leaders are getting more convinced that President Donald Trump will put new tariffs on European cars.

The written submission sent by the EU also highlighted that European-owned car brands represented more than a quarter of US car production. It added that this was mainly focused on exportation and any tariffs would fragment markets, raise prices for the American consumer and potentially lead to job losses.

Speaking to Fox News over the weekend, Trump said that the EU is “possibly as bad as China, just smaller” when speaking on trade deficits with other countries. He added: “It is terrible what they do to us.”