EU has prepared €21bn tariffs on US goods if trade deal falters
US president Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the EU starting on August 1, after weeks of negotiations with major trading partners failed to reach a comprehensive deal.
Mr Tajani also told daily Il Messaggero that to help the eurozone economy, the European Central Bank should consider a new "quantitative easing" bond-buying-programme, and more interest rate cuts.
The EU said on Sunday it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement.
Tajani said the €21bn package of tariffs the EU has already prepared could be followed by a second set if a deal with the US proves impossible. He added, however, that he was confident that progress could be made in negotiations.
"Tariffs hurt every one, starting with the United States," he said. "If stock markets fall, that puts at risk the pensions and the savings of the Americans." He said the goal should be "zero tariffs" and an open market among Canada, the US, Mexico, and Europe.
German chancellor Friedrich Merz said on Sunday he would work intensively with French president Emmanuel Macron and European Commission president Ursula von der Leyen to resolve the escalating trade war with the United States.
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