The European Union is planning to hit €95 billion ($108 billion) of US exports with additional tariffs if ongoing trade talks with President Donald Trump’s team fail to yield a satisfactory result.

The EU on Thursday threatened to target US cars and planes among a raft of products worth 95 billion euros ($107 billion) if negotiations with President Donald Trump's team fail to avert a trade war.

Trump has already threatened to levy a 100% tariff on films produced outside the United States. The US President accused other countries of "stealing the movie-making capabilities" saying that he had authorised the Commerce Department and the US Trade Representative to immediately begin the process of implementing this new import tax on all foreign-made films.