EU Prepares USD24B Tariff Retaliation in Response to U.S. Tariffs

(MENAFN) Italian Foreign Minister Antonio Tajani revealed that the European Union has prepared a list of tariffs valued at €21 billion ($24 billion) aimed at countering recently declared US tariffs, warning these could expand if no resolution is achieved.

Speaking to the Italian daily Il Messaggero on Monday, Tajani stated, "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."

He emphasized the potential risks tariffs pose to the US economy, noting that stock market declines could threaten Americans' pensions and savings. Tajani reaffirmed the EU’s ultimate goal: eliminating tariffs entirely to create an open trade environment among the US, 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 added.

Tajani also urged Europe to engage in negotiations calmly and confidently, emphasizing that avoiding a trade war serves "everyone's interest," as "Europe needs America, and vice versa."

This warning comes after US President Donald Trump announced last Saturday that the United States would impose 30% tariffs on imports from the EU and Mexico starting August 1, putting at risk ongoing US-EU trade discussions that aimed to finalize a broad agreement this month.

On his platform Truth Social, Trump posted letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum, detailing the planned 30% tariffs on goods entering the US from Europe and Mexico.

In response, Ursula von der Leyen expressed willingness to reach a deal with the US by August 1 and pledged to take all necessary actions to protect EU interests, including implementing proportionate retaliatory measures.

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