EU prepares to impose tariffs on €21 billion worth of US goods

Italian Foreign Minister Antonio Tajani said the European Union has already prepared a list of €21 billion ($24.52 billion) worth of US goods for tariffs if a trade agreement with the United States fails.

This escalation comes after US President Donald Trump threatened on Saturday to impose 30% tariffs on imports from Mexico and the European Union starting August 1, following weeks of negotiations with major trading partners that failed to produce a comprehensive agreement.

Tajani also called on the European Central Bank to consider launching a new quantitative easing program through bond purchases, along with further interest rate cuts, to support the eurozone economy in the face of mounting challenges.