The EU has offered the US a zero-for-zero tariff deal on industrial goods to avoid a trade war, European Commission President Ursula von der Leyen said Monday at a press conference alongside Norwegian Prime Minister Jonas Gahr Støre.

Ursula von der Leyen made the offer after Trump imposed 20% tariffs on the EU, shocking global markets and causing sharp drops in European stocks. She said the EU is ready to negotiate but also prepared to respond through countermeasures.

EU Trade Commissioner Maroš Šefčovič said the zero-for-zero deal could cover cars, chemicals, pharmaceuticals, and machinery.

EU 27 trade ministers met Monday in Luxembourg, with retaliation expected soon for Trump’s steel and aluminum tariffs.