EU Prepares $24.5B In Tariffs As Trump Threatens 30% Import Tax On Mexico, Europe

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The European Union has a €21 billion ($24.52 billion) package of tariffs on U.S. goods ready for implementation should ongoing trade negotiations falter, Italy’s Foreign Minister Antonio Tajani stated in a newspaper interview on Monday, as reported by Reuters.

What Happened: This readiness comes in response to U.S. President Donald Trump‘s recent threat to impose a 30% tariff on imports from both Mexico and the EU beginning Aug. 1, following weeks of inconclusive discussions with major trading partners.