14 March 2018, Germany, Frankfurt am Main: An Airbus A380 (L) and a retro design Boeing 747-8 cross each others path at the ramp of Frankfurt Airport.

The European Union is looking to slap tariffs on more than $4 billion of U.S. exports in retaliation against President Donald Trump's trade policies, according to Bloomberg News.

The plan hasn't been approved and at least one EU member is opposed to the idea, Bloomberg said, citing sources familiar with the matter. Nonetheless, the discussion came after Trump threatened to slap tariffs on as much as $7 billion worth of EU imports due to allegedly illegal EU aid for European plane maker Airbus.

The World Trade Organization is set to release the specific amount of trade that Washington is allowed to target as soon as next week. It would follow a 14-year dispute in which Washington believed that EU countries have illegally supported Airbus by granting subsidized loans known as "launch aid," as well as separate state help for the development of the A350 and superjumbo A380.

The U.S. published a wide list of European products in April that it would select from in an attempt to recoup the $11 billion that Washington deems as the amount incurred by U.S. firms.

The European Commission earlier this year launched a public consultation on its preliminary list of products from the U.S. that it would seek to hit with import tariffs.

The list covers about $20 billion worth of U.S. exports to the EU, including items such as aircraft, chemicals and food products.

— Click here to read the original Bloomberg News story