Italy’s Foreign Minister Antonio Tajani says the European Union (EU) has already prepared a list of tariffs worth € 21 billion ($24.52 billion) on United States (US) goods if the two countries fail to reach a trade deal.

He was quoted in a newspaper interview today.

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 America’s trading partners failed to reach a comprehensive deal.

Tajani says to help the Eurozone economy, the European Central Bank should consider a new “quantitative easing” bond-buying-programme and more interest rate cuts.

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