EU Prepares $24 Billion Tariffs List on US Goods If Trade Deal Falters

The European Union has prepared a list of retaliatory tariffs worth approximately €21 billion ($24.5 billion) on US goods if a trade deal is not reached with the United States, according to Italy's Foreign Minister Antonio Tajani. This move is in response to US President Donald Trump's threat to impose a 30 percent tariff on imports from Mexico and the EU starting August 1, following stalled trade negotiations. The EU has extended its suspension of countermeasures to US tariffs until early August while continuing to seek a negotiated settlement, with Tajani expressing confidence that progress can be made. German Chancellor Friedrich Merz, French President Emmanuel Macron, and European Commission President Ursula von der Leyen are reportedly collaborating to resolve the escalating trade tensions. Tajani emphasized that tariffs harm all parties involved, including American investors, and advocated for zero tariffs and open markets among Canada, the US, Mexico, and Europe. The EU's readiness to impose these tariffs signals its willingness to escalate the trade dispute if necessary, underscoring the broader economic risks of the ongoing trade conflict.