(Adnkronos) – Italy is keen to be a “bridge” between Europe and the United States – its top trade and investment partner – to avoid a damaging trade war triggered by US president Donald Trump’s plan to slap tariffs on the bloc, foreign minister Antonio Tajani stated on Tuesday.
“Italy is committed to acting as a ‘bridge’ between the US and the European Union to avoid the ‘tariff war’ threatened by Donald Trump that would damage both the Americans and us,” Tajani told Corriere della Sera daily in an interview.
EU countries including Italy are already working on solutions “that will not send our companies and the well-being of our citizens into crisis in the event of US sanctions,” Tajani underlined.
“We (Italy) are not playing a waiting game. Firstly, because we are Europe’s best ambassadors to the US, because of the excellent relations we have built. Second, because we know how to react,” Tajani said.
EU leaders at an informal summit in Brussels on Monday said Europe would be prepared to fight back if the US imposes tariffs, as Trump hinted a day earlier, but they also called for reason and negotiation.
“A war is of no use to anyone. No other economies in the world are as integrated as those of the US and EU. European companies in the US employ 3.5 million Americans,” Tajani noted.
A further million American jobs depend directly on trade with Europe. And two-thirds of all American assets are in Europe, Tajani pointed out.
“The US supplies over 50% of our LNG. EU-US trade volume is worth 1.5 trillion euros – 30% of global trade,” said Tajani.
“There is a lot at stake for both sides,” he underlined.
“It is clear that negotiations will be needed. And it seems to me that Trump is giving the first signs of willingness to negotiate: look at the confrontation with Mexico, at the understanding that was reached yesterday,” Tajani pointed out.
Trump on Monday suspended 25% tariffs of on neighbouring Mexico and Canada for 30 days in exchange for concessions on border and crime enforcement. Across-the-board tariffs of 10% on Chinese goods were set to start on Tuesday, however, unless a deal is reached.
Rather than retaliating by restricting trade with the US, EU countries need to compromise with it, Tajani argued.
“Buy and invest more in America so that they do the same. Our defence sector already has very close relations with the US, and the whole of Europe should back a common defence so that we can act together,” he said.
Italy occupies “a special position” as it produces second largest variety of export commodities after China, and is already exploring new markets with industries and producers, Tajani said.
“We have a strategic plan for Mexico, India, Indonesia, Vietnam, the Gulf countries, the Far East and all of Africa. There is a business plan already at an advanced stage,” he added.
“Of course each country has its own products that it may defend individually, as has been the case up to now,” he went on.
“But it is much better to act in a united way,” Tajani concluded.
