In a pre-election debate with his conservative challenger Friedrich Merz, Scholz was asked by a moderator if the EU had a "list of cruelties" with which to respond if the US imposed tariffs.
"Yes, to phrase it in the most cautious diplomatic way. We as the European Union can act within an hour, Scholz said on Sunday.
"We should not delude ourselves. What the US president says is what he means."
US President Donald Trump has repeatedly threatened to enact tariffs against the US's largest trading partners, accusing them of free-riding on American prosperity.Â
Trade policy is an EU competence, run by the European Commission in Brussels.
Scholz also warned of a "European crisis" if his conservative rival Merz passes proposed reforms to migration law.
Merz's proposal to turn away all migrants at the country's borders "contradicts European law", Scholz said.
Germany's neighbours could refuse to take back migrants, Scholz said.
"Then we would have a European crisis."
The chancellor said Merz's measures were "against German interests".
Merz is the favourite to become the country's next chancellor, with his conservative CDU/CSU alliance leading the polls on around 30 per cent ahead of the vote on February 23.
The debate is taking place just over a week after Merz controversially decided to pass a motion on migration in Germany's lower house of parliament, the Bundestag, with the support of the far-right AfD party.
with dpa
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