Brussels: Italian Foreign Minister Antonio Tajani has indicated that the European Union is prepared to implement tariffs worth approximately £21 billion ($24 billion) on American goods in response to the United States' recently announced tariffs unless a negotiation is reached.

According to Anadolu Agency, Tajani expressed confidence in making progress, emphasizing the detrimental impact of tariffs on all parties involved, including the United States. He highlighted the potential risk to American pensions and savings due to a downturn in the stock market, reiterating the long-term objective of eliminating tariffs to facilitate an open market among the US, the EU, Canada, and Mexico.

Tajani elaborated on his vision for achieving "double zero" - no tariffs between Europe and the United States - acknowledging the complexities but emphasizing that it is the only viable path for mutual economic growth. He urged Europe to engage in negotiations with confidence and calmness, emphasizing that avoiding a trade war is in the best interest of both regions.

The announcement follows US President Donald Trump's decision on Saturday to impose a 30% tariff on goods from the EU and Mexico, effective August 1, potentially jeopardizing ongoing US-EU trade discussions, which were aimed at finalizing a comprehensive trade agreement this month.

In a message posted on Truth Social, Trump disclosed separate letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum, detailing the 30% tariff imposition. In response, von der Leyen expressed her willingness to pursue a resolution with the US by the August deadline and committed to protecting EU interests through necessary and proportionate countermeasures.