Italy FM warns failure of US negotiations
(MENAFN) Italy’s Foreign Minister has warned that the European Union is ready to strike back with billions of euros in counter-tariffs if current trade talks with the United States fail to reach a settlement, according to reports.
In comments published Monday, he stressed that while the EU possesses the means to protect its economic stability, engaging in negotiations remains the preferred course of action. "Tariffs hurt every side, including the U.S.," he said. "If the stock market falls, that puts the pensions and savings of Americans at risk."
These statements came shortly after U.S. President Donald Trump declared that a new 30 percent tariff would be placed on goods from both the EU and Mexico beginning August 1.
The announcement signals a further intensification of Washington’s trade policies, despite ongoing discussions between American and European representatives aimed at resolving their disputes.
Italy’s Prime Minister also expressed serious concern about the risk of a full-scale trade confrontation between the two sides, cautioning that it would result in negative consequences for both parties.
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