EU poised to impose €21 billion tariffs on U.S. if no trade deal, Tajani says
The European Union has prepared a list of tariffs worth 21 billion euros on U.S. goods if the two sides fail to reach a trade deal, Italy’s Foreign Minister Antonio Tajani said in a newspaper interview on Monday.
The EU’s preparation comes after President Donald Trump threatened on Saturday to impose a 30% tariff on imports from Mexico and the EU starting on August 1, following unsuccessful negotiations with major U.S. trading partners.
On Sunday, the EU announced it would extend its suspension of countermeasures to U.S. tariffs until early August while continuing to pursue a negotiated settlement.
In his interview with daily Il Messaggero, Tajani indicated that the initial 21-billion-euro package could be followed by a second set of tariffs if an agreement with the U.S. proves unattainable. Despite this preparation, he expressed confidence that progress could be made in negotiations.
The Italian Foreign Minister advocated for “zero tariffs” and an open market among Canada, the United States, Mexico and Europe.
According to EU Trade Commissioner Maros Sefcovic, the European Union is working toward a trade agreement with the United States while simultaneously preparing potential countermeasures if negotiations fail.
“We continue to engage with the US administration and prioritize a negotiated solution by the new deadline of August 1. I cannot imagine walking away without any effort,” Sefcovic stated before meeting with EU trade ministers in Brussels.
Source: Investing