European trade ministers were hopeful for a negotiated trade deal after Trump announced 30% tariffs on the European Union.

Adding to the trade turmoil, on Monday, Italy's Foreign Minister Antonio Tajani said in a newspaper interview that the EU has already prepared a list of tariffs worth 21 billion euros ($24.5 billion) on U.S. goods if the two countries fail to reach a deal.

President Donald Trump on Saturday announced 30 percent tariffs on all European goods entering the U.S., prompting pushback from European allies.