EU ready to hit US with 21-billion-euro tariff list, Italy foreign minister says

The European Union has already prepared a list of tariffs worth 21 billion euros ($24.52 billion) on US goods if the two countries fail to reach a trade deal, Italy's Foreign Minister Antonio Tajani said in a newspaper interview on Monday, Report informs via Reuters.

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 US trading partners failed to reach a comprehensive deal.

Tajani also told daily Il Messaggero that to help the euro zone economy the European Central Bank should consider a new "quantitative easing" bond-buying-programme, and more interest rate cuts.

The European Union 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 21-billion-euro 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.