The European Union can negotiate on reciprocal tariffs with the United States but will not give up its right to regulate in areas such as taxation and digital platforms, the chair of the European Parliament's trade committee said on Friday.

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.

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.