The trade threats could reduce exports to the United States and dampen investment in Europe, dealing a blow to growth at a time when the continent is already facing a lackluster economy.

Over $600 billion in European goods were imported by the U.S. last year. New tariffs from President Trump will likely hit these popular categories the hardest.

European Commission President Ursula von der Leyen said during the Munich security conference Friday the European Union will respond if the United States imposes reciprocal tariffs.