The European Union readied a package of retaliatory tariffs worth €21 billion ($24.5 billion) on US goods should trade negotiations with Washington collapse, Italy's Foreign Minister Antonio Tajani said in an interview published Monday, according to Reuters. Tajani told daily Il Messaggero that the EU remains committed to reaching an agreement before the August 1, deadline set by US President Donald Trump, who has threatened to impose a 30 per cent tariff on imports from the EU and Mexico. The EU announced on Sunday it would extend its suspension of countermeasures until early August to allow further room for talks. Tajani warned that the initial tariff package could be followed by a second round if no deal is reached. "Tariffs hurt everyone, starting with the United States," he said, adding that market instability could threaten Americans' pensions and savings. Tajani also urged the European Central Bank to support the eurozone economy with new quantitative easing and further rate cuts. Meanwhile, German Chancellor Friedrich Merz pledged to work closely with French President Emmanuel Macron and European Commission President Ursula von der Leyen to defuse the escalating trade dispute. Attribution: Reuters Subediting: M. S. Salama
