The European Union has already prepared a list of tariffs worth 21 billion euros on U.S. products if the two sides fail to reach a trade deal, Italian Foreign Minister Antonio Tajani said in a newspaper interview today.

US President Donald Trump has threatened to impose 30% tariffs on imports from Mexico and the EU from August 1 after weeks of negotiations with major US trading partners failed to reach a comprehensive deal.

Tajani also told Il Messaggero newspaper that to help the eurozone economy, the European Central Bank should consider a new “quantitative easing” program with bond purchases and more interest rate cuts.