The European Union has already prepared a list of rates worth 21 billion euros ($ 24.52 billion) on American products if the two countries do not reach a trade agreement, Italy Minister Antonio Tajani said in an interview with a newspaper on Monday (14).
President Donald Trump threatened on Saturday (12) to impose a 30% rate on imports from Mexico and the EU from August 1, after weeks of negotiations with major US business partners without comprehensive agreement.
Tajani also told the Il Messaggero newspaper that to help the euro zone economy, the European Central Bank should consider a new “quantitative flexibility” title purchase program and more interest rate cuts.
The European Union said on Sunday (13) that until early August and would continue to press for a negotiated solution.
The Italian minister said the 21 billion euros tariff package already prepared by the EU could be followed by a second package if an agreement with the US is not possible. He added, however, to be confident that negotiations could progress.
“Tariffs harm everyone, starting with the United States,” he said. “If the stock exchanges fall, it will endanger the pensions and economies of Americans,” he concluded.
He said the goal should be “zero tariffs” and an open market between Canada, the United States, Mexico and Europe.
German Chancellor Friedrich Merz said on Sunday that Emmanuel Macron and European Commission chairman Ursula von der Leyen to resolve the growing trade war with the United States.
