The European Union is ready with a retaliatory tariff package worth 21 billion euros against U.S. goods if trade negotiations with the United States fail. Italy's Foreign Minister Antonio Tajani also suggests the European Central Bank implement measures like quantitative easing to boost the euro zone economy.

Trump’s tariff policy, first floated on February 13 as part of a broader plan for “reciprocal trade,” has already drawn criticism from business leaders and international partners.