EU Prepares Retaliatory Tariffs Against US
(MENAFN) Italian Foreign Minister Antonio Tajani has hinted at a potential European response to new U.S. tariffs, suggesting that the European Union is prepared to implement levies amounting to €21 billion (approximately $24 billion) unless a compromise is reached.
This declaration follows the United States’ announcement of heightened import taxes, placing increasing strain on transatlantic trade relations.
"A list of European tariffs worth €21 billion is ready, and a second could be added. I'm confident there will be progress. Tariffs harm everyone, starting with the United States," Tajani stated in an interview published on Monday.
His remarks underscore the EU’s readiness to counteract if the dispute is not resolved diplomatically.
Tajani warned that such economic tensions could negatively impact American financial stability, particularly through potential declines in the stock market that may endanger U.S. retirement funds and personal investments.
He reaffirmed that the EU’s ultimate ambition is to eliminate all tariffs, aiming to foster a fully open trade framework among the U.S., the EU, Canada, and Mexico.
"My mantra is to achieve double zero: no tariffs between Europe and the United States. I realize it's not easy, but it's the only way to grow our economies together," he emphasized, underlining the long-term vision of economic integration.
Calling for a composed and strategic negotiation stance, Tajani urged European officials to act "with its head held high."
He highlighted that avoiding a trade confrontation is "in everyone's interest" since "Europe needs America, and vice versa," reflecting mutual economic interdependence.
The dispute escalated after U.S. President Donald Trump revealed on Saturday that Washington will begin enforcing a 30% tariff on imports from the EU and Mexico starting August 1.
This development places in jeopardy the current transatlantic negotiations, as the EU had been pushing to finalize a wide-ranging trade pact within the month.
In a post on Truth Social, Trump disclosed separate messages sent to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum, confirming his decision to apply a 30% tariff on products entering the U.S. from both regions.
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