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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The Minister of Finance of Tajikistan, Faiziddin Kahhorzoda, and the Director General of the Qatar Development Fund, Fahad Hamad Al-Sulaiti, have sign...
On Monday, Russia claimed its forces had carried out extensive strikes on Ukrainian drone bases and other military targets over the past 24 hours, whi...
Data from the European Forest Fire Information System (EFFIS), part of the Copernicus European Environmental Monitoring Programme, shows that 411,315 hectares of forest and rural land have burned in Spain so far this year — roughly ten times more than the 42,615 hectares affected in 2024.
Venezuelan President Nicolás Maduro has ordered a reinforcement of the “Relámpago del Catatumbo” operation, extending it to Tachira state under Peace Zone One.
North Korea has criticised the joint military exercises between the US and South Korea, with state media reporting that the drills demonstrate Washington’s intent to “occupy” the Korean peninsula and target its regional adversaries.
The Minister of Finance of Tajikistan, Faiziddin Kahhorzoda, and the Director General of the Qatar Development Fund, Fahad Hamad Al-Sulaiti, have signed an agreement to provide a $50 million concessionary loan to support the construction of the Rogun Hydropower Plant.
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According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
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Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
A major fire has broken out at Hamburg’s city port, leaving several people injured.
Data from the European Forest Fire Information System (EFFIS), part of the Copernicus European Environmental Monitoring Programme, shows that 411,315 hectares of forest and rural land have burned in Spain so far this year — roughly ten times more than the 42,615 hectares affected in 2024.
Venezuelan President Nicolás Maduro has ordered a reinforcement of the “Relámpago del Catatumbo” operation, extending it to Tachira state under Peace Zone One.
North Korea has criticised the joint military exercises between the US and South Korea, with state media reporting that the drills demonstrate Washington’s intent to “occupy” the Korean peninsula and target its regional adversaries.
On Monday, Russia claimed its forces had carried out extensive strikes on Ukrainian drone bases and other military targets over the past 24 hours, while Ukraine reported having destroyed a significant amount of Russian military hardware.
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