Italy’s foreign minister said the EU is ready to hit back with €21 billion ($24.5 billion) in tariffs unless a deal is struck with the U.S., warning that President Donald Trump’s 1 August tariff move could harm both economies and derail ongoing trade talks.

Italian Foreign Minister Antonio Tajani said Monday that the European Union has prepared a list of tariffs worth €21 billion ($24.5 billion) in response to Trump’s plan to impose 30% tariffs on imports from the EU and Mexico starting 1 August.

Speaking to Il Messaggero, 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.”

Tajani warned that a potential downturn in U.S. stock markets due to trade tensions could put American pensions and savings at risk. He reiterated that the EU’s long-term objective is to eliminate tariffs altogether.

“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 said.

He urged Europe to negotiate calmly but firmly. “Europe needs America, and vice versa. It’s in everyone’s interest to avoid a trade war,” said Tajani.

The U.S. tariff announcement, made by Trump on Saturday, puts ongoing trade negotiations with the EU at risk. Brussels had aimed to finalise a comprehensive trade deal by the end of July.

Trump confirmed the tariff plan via Truth Social, posting letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum.

Von der Leyen responded by expressing readiness to reach a deal with Washington before 1 August, while also preparing proportionate countermeasures to protect EU interests if talks fail.

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