Italian foreign minister defends EU-US deal as key to averting trade war

The Italian foreign minister on Friday praised EU-US trade statement setting 15% all-inclusive tariff on EU goods, saying that it avoided a trade war.

The 15% US tariff for sectors like pharmaceuticals and automotive is "positive" given the starting point of the negotiations, according to Antonio Tajani.

Brussels and Washington issued the long-awaited joint statement on Thursday on the trade deal they reached last month in Scotland, which confirms that a maximum 15% tariffs will be applied on cars, semiconductors and pharmaceuticals to enter the US.

Tajani said the statement contains a clause that allows for further discussions on other sectors, which the EU will work in this regard.

According the statement, unavailable natural resources such as cork, all aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors, will benefit from a special regime, with only normal non-discriminatory tariffs applying as of Sept. 1.

However, EU exports of steel and aluminum will still face the current 50% tariff rate.

"I don't see it that way, and I think Europe has shown its ability," said Tajani in response to a question whether he thinks the EU settled for less.