• The EU has prepared a €21 billion ($24 billion) tariff list on US goods.
• Italian Foreign Minister Antonio Tajani emphasizes tariffs harm both sides.
• US President Trump threatens 30% tariffs on EU imports starting August 1.

The European Union has prepared a list of tariffs worth €21 billion ($24.52 billion) on U.S. goods if trade negotiations fail, according to Italian Foreign Minister Antonio Tajani in a recent interview. Tajani stated confidence in achieving progress, while acknowledging that the EU is ready for a second wave of tariffs should negotiations falter, emphasizing that "tariffs hurt everyone, starting with the United States" according to Reuters, TRT Global, and Anadolu Agency.

Tajani also highlighted that a downturn in stock markets could jeopardize Americans' pensions and savings, reiterating the long-term goal of achieving zero tariffs and promoting an open market among Canada, the United States, Mexico, and Europe. His remarks included a call for Europe to negotiate effectively, emphasizing that both regions need each other amidst escalating tensions, as noted by Reuters, TRT Global, and Anadolu Agency.

In response to faltering negotiations, President Trump announced on Saturday that the U.S. would impose 30% tariffs on imports from the EU and Mexico beginning August 1. This move has placed additional strain on the ongoing trade talks, with both EU officials and Chancellor Friedrich Merz expressing urgency in resolving the situation before the looming deadline, as reported by Reuters, TRT Global, and Anadolu Agency.