The European Union may impose trade tariffs on American goods totalling €21 billion if no agreement is reached with the United States, Italian Foreign Minister Antonio Tajani said in an interview with Il Messaggero.
“A basic agreement could be reached, as the UK has done, and then technical negotiations on specific aspects of trade could begin” Italian minister said.
Tajani stressed that in the absence of an agreement, the EU is ready to introduce a second package of tariffs to supplement the measures already in place. At present, the total amount of tariffs in force is €21 billion.
Tajani also expressed confidence that a compromise could be reached, noting that trade restrictions hurt all sides, especially the US. According to him, in the event of a sharp fall in the stock markets, American social systems, including pension savings and citizens’ savings, could be hit.
The minister stressed the need to strive for “zero tariffs” and the creation of an open market between Europe, the United States, Canada and Mexico.
Earlier, US President Donald Trump announced his intention to impose 30% tariffs on goods from the EU from August 1.
According to Bloomberg, European countries are working on a response to possible US tariffs. The EU also expects that even after the talks, some tariffs will stay in place. Right now, the EU is putting together a new list of US goods that could be hit with retaliatory tariffs worth €95 billion.
