EU Prepares Retaliatory Tariffs on U.S. Goods Amid Trade Tensions

The European Union is poised to respond to trade standoffs with the United States by imposing tariffs worth 21 billion euros on American goods. This was confirmed by Italy's Foreign Minister Antonio Tajani in an interview published on Monday, amid escalating tensions between the two economic giants.

Following President Donald Trump's threat of a 30% tariff on imports from Mexico and the EU beginning August 1, the EU's readiness highlights a fragile international trade environment. Trump's ultimatum follows lengthy but unsuccessful negotiations aimed at securing an extensive trade agreement.

Tajani, in remarks to Italy's Il Messaggero, also urged the European Central Bank to rejuvenate the euro zone economy through renewed quantitative easing and potential interest rate reductions, pointing to broader economic challenges facing the region.

(With inputs from agencies.)