EU Ready to Impose €21 Bln in Tariffs on US Goods

The European Union is prepared to impose tariffs on American imports worth €21 billion ($24.5 billion) if ongoing trade talks with the United States collapse, Italian Foreign Minister Antonio Tajani revealed in a newspaper interview published on Monday.

Speaking to “Il Messaggero”, Tajani confirmed that Brussels has already compiled a list of US products targeted for potential retaliatory tariffs.

The move comes in response to US President Donald Trump's latest threat to impose a 30 percent tariff on goods imported from both the EU and Mexico, starting 1 August, following the failure of recent trade negotiations.

Tajani warned that if no agreement is reached, the EU will have no choice but to respond decisively, adding that a second wave of tariffs could be introduced if a deal proves impossible. Despite the tensions, he expressed hope that diplomatic negotiations could still lead to a resolution.

In the same interview, Tajani urged the European Central Bank (ECB) to consider launching a new round of quantitative easing and interest rate cuts to support the eurozone economy amid the global uncertainty fueled by potential US tariffs.

He highlighted that escalating trade barriers would have global repercussions. Tajani cautioned that a decline in global stock markets could pose a direct threat to American pension funds and household savings.

The Italian minister emphasized that the ultimate objective should be a zero-tariff trading environment across the transatlantic and North American regions. He called for greater market openness between the EU, Canada, the United States, and Mexico, positioning this as a vital step toward long-term economic stability.

As global trade tensions mount, the EU’s contingency measures signal a readiness to defend its economic interests, while leaving the door open for constructive dialogue.